What is required for informal quotes on commodities exceeding 15% of the bid threshold?

For informal quotes on commodities exceeding 15% of the bid threshold, it is mandated to obtain at least two competitive quotations. This requirement serves to ensure competition and transparency in the procurement process, enabling public entities to secure the best value for their expenditures.

By requiring at least two quotations, public agencies can compare different suppliers’ pricing and offerings, which can lead to more informed decision-making and potentially lower costs. This practice also fosters a competitive marketplace, allowing different vendors to present their products or services, thus benefitting the public entity by having multiple options to choose from.

In terms of the other choices, relying on only one quote would limit competition and may result in less favorable pricing. Not needing any quotes at all would undermine the principles of fair procurement. Similarly, while obtaining three quotes might be beneficial, it is not a requirement for informal quotes exceeding the specified threshold; two is sufficient.