Sec. 1 Purpose
This policy provides procurement guidelines that promote, facilitate, and expedite the purchasing function.
Sec. 2 Principles
The primary procurement officer at each University of Texas System institution and System Administration shall promulgate procedures to facilitate and expedite the purchasing function.
Sec. 3 Establishment of Purchasing Procedures
Purchasing procedures shall be developed in accordance with sound business practices, applicable Regents’ Rules and State law. New purchasing procedures and changes to existing purchasing procedures shall be implemented only after appropriate review and approval by the University of Texas System institution or System Administration chief business officer and the chief legal officer.
Sec. 4 Transactions with Employees
Purchase from, or sale to, an employee of any University of Texas System institution or System Administration of any supplies, materials, services, equipment, or property must have the prior approval of the president or chancellor. Any such purchases shall be made only if the cost is less than from any other known source. This Section does not apply to sales or purchases made at public auction.