Limited Purchase Order definition

Limited Purchase Order or LPO means an official form obtained from the Accounts Payable Department for organizational use to purchase goods or
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Limited Purchase Order means a pre-printed, numbered form that will constitute a formal contract between County and vendor, also referred to as an LPO. An LPO shall only be used when the procurement presents minimal risk to the County and the County is not bound by contractual conditions other than price and payment terms and for amounts less than $5,000. LPOs can be obtained from the Department of Management and Finance. The LPO consists of two copies (one copy for the vendor and one copy for department to attach to the accounts payable invoice). LPOs should be completed and signed by authorized department personnel before procurement. “Terms and Conditions” are shown on the back of the LPO and should be included when the LPO is sent or delivered to a vendor. Unlike a Requisition or Purchase Order, the LPO will not show an encumbrance against the department’s budget on monthly financial reports in Munis because LPOs are not entered into Munis. The responsibility and authority to issue LPOs is at the discretion of each department head. Control and management of procurements using the LPO are the sole responsibility of each department. The limitation of $5,000 applies to each purchase or project, rather than a unit price. Multiple LPOs cannot be issued to avoid the $5,000 limitation. It is the direct responsibility of department heads to ensure that use of the LPO is not abused. Department heads should establish policies and procedures for their employees to assure adequate control is maintained over small purchases. Abuse of small purchase privileges may result in temporary or permanent suspension of the privilege.
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Limited Purchase Order or LPO means an official form obtained from the Accounts Payable Department for organizational use to purchase goods or services below the Single Procurement Threshold. This delegated purchase authority is for purchases to a single supplier and a legal obligation is made for payment through Accounts Payable.
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Examples of Limited Purchase Order in a sentence

  • The Limited Purchase Order (LPO) is used for purchases of $2,500 or less.

  • Limited Purchase OrdersThe Limited Purchase Order (LPO) is created by the respective campus department or division and used for any purchases (refer to prohibited purchases before proceeding) up to $5,000.

  • In these instances, you should prepare a Limited Purchase Order (LPO), and submit it to the vendor.

  • This approval allows Purchasing to create a PO for purchases over $5,000, or allows your Department/Division to create a Limited Purchase Order for purchases under that amount.

  • If the vendor requires a copy of the limited purchase order, you can print a hard copy of the Limited Purchase Order through IslanderBuy.

  • The TSO contact initializes the Field Limited Purchase Order (FL) to have the current telecom vendor install the circuit as requested by the business partner.

  • The Purchasing Agent processes the (FL) Field Limited Purchase Order and forwards it through normal approval processes.

  • Except as provided in paragraphs 2 and 3, departments and other operating units may make direct purchases of supplies and services costing $5,000 or less by using a Limited Purchase Order (LPO) marked "Total Not to Exceed $5,000." These purchase orders are prepared and mailed by the ordering department directly to the vendor, without preparing a requisition or obtaining the approval of Procurement & Supply Management (Procurement).

  • The Purchasing Agent should fill out exhibit "B-1" or "B-2" with Field Limited Purchase Order number, Date, Contractor Name and Agency Name, and forward to the Vendor/Contractor.

  • Stamps may be applied by warehouses/distributors to add incidental information such as the Chelton Limited Purchase Order, weight, etc.When required by PO/Contract, certification shall show that all materials comply with all requirements including country of origin and country where the material is melted.


More Definitions of Limited Purchase Order

Limited Purchase Order or LPO means an official form obtained from the Accounts Payable Department which is used to purchase goods or services below the Single Procurement Threshold.
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Related to Limited Purchase Order

  • IITK Purchase Order means the IITK’s official Purchase Order document;

  • The Purchase Order means the order placed by the Purchaser on the Supplier signed by the Purchaser including all attachments and appendices thereto and all documents incorporated by reference therein. The purchase order shall be deemed as "Contract" appearing in the document.

  • Purchase Order means the form or format a Customer uses to make a purchase under the Contract (e.g., a formal written purchase order, electronic purchase order, procurement card, contract or other authorized means).

  • Purchase Order (PO) means a written offer made by a purchaser to a supplier formally stating the terms and conditions of a proposed transaction.

  • Accelerated Purchase Notice means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, an irrevocable written notice from the Company to the Investor directing the Investor to buy a specified Accelerated Purchase Share Amount on the applicable Accelerated Purchase Date pursuant to Section 2(b) hereof at the applicable Accelerated Purchase Price.

  • Authorized Purchaser means an individual authorized by a Participating Entity to place orders against this contract.

  • Approved purchasing system means a Contractor’s purchasing system that has been reviewed and approved in accordance with Part 44 of the Federal Acquisition Regulation (FAR)

  • Designated Purchaser has the meaning set forth in Section 7.11(b).

  • Purchase Order Number means the Customer’s unique number relating to the supply of the Services;

  • The Advance Purchase Order or “Letter of Intent” means the intention of Purchaser to place the Purchase Order on the bidder.

  • Purchase Orders means official orders issued by an operating division of Transnet to the Supplier/Service Provider for the supply of Goods or Services;

  • Letter of Acceptance (LOA) means the written notice issued by JMRC to the selected bidder(s) intimating the acceptance of selected bidder's Proposal for the award of Lease;

  • Additional Accelerated Purchase Notice means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof, an irrevocable written notice from the Company to the Investor directing the Investor to purchase the applicable Additional Accelerated Purchase Share Amount at the Additional Accelerated Purchase Price for such Additional Accelerated Purchase in accordance with this Agreement, and specifying any Additional Accelerated Purchase Minimum Price Threshold determined by the Company.

  • Certificate of Acceptance means written certification, delivered to Contractor and signed by an authorized representative of the State, stating that any Defects in a particular Phase or the Solution discovered after implementation and testing have been corrected as required under this Contract, and that the Phase complies in all material respects with all of the applicable Requirements.

  • Restricted Purchase means any payment on account of the purchase, redemption or other acquisition or retirement of any capital stock or other securities of, the Borrower.

  • Allocated Purchase Price means with respect to each Purchaser, the dollar amount set forth opposite such Purchaser’s name under the heading “Allocated Purchase Price” on Schedule A hereto.

  • Accelerated Purchase Date means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, the Business Day immediately following the applicable Purchase Date with respect to the corresponding Regular Purchase referred to in Section 2(b) hereof.

  • Committed Purchaser means, with respect to a CP Conduit, each Class B Purchaser identified as a Committed Purchaser for such CP Conduit on the signature pages hereto or in the Transfer Supplement or Joinder Supplement pursuant to which such CP Conduit became a party hereto, and any Assignee of such Class B Purchaser to the extent such Assignee has assumed, pursuant to a Transfer Supplement, the Commitment of such Class B Purchaser.

  • Protected Purchaser has the meaning specified in Section 8-303 of the UCC.

  • Firm Order shall have the meaning set forth in Section 5.2.

  • Batch means a specific quantity of Product that is intended to have uniform character and quality, within specified limits, and is produced according to a single manufacturing order during the same cycle of manufacture.

  • Firm Order Confirmation or "FOC" means the notice Qwest provides to CLEC to confirm that CLEC's Local Service Order (LSR) has been received and has been successfully processed. The FOC confirms the schedule of dates committed to by Qwest for the Provisioning of the service requested.

  • Accelerated Purchase Price means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, the lower of ninety-seven percent (97%) of (i) the VWAP for the period beginning at 9:30:01 a.m., Eastern time, on the applicable Accelerated Purchase Date, or such other time publicly announced by the Principal Market as the official open (or commencement) of trading on the Principal Market on such applicable Accelerated Purchase Date (the "Accelerated Purchase Commencement Time"), and ending at the earliest of (A) 4:00:00 p.m., Eastern time, on such applicable Accelerated Purchase Date, or such other time publicly announced by the Principal Market as the official close of trading on the Principal Market on such applicable Accelerated Purchase Date, (B) such time, from and after the Accelerated Purchase Commencement Time for such Accelerated Purchase, that the total number (or volume) of shares of Common Stock traded on the Principal Market has exceeded the applicable Accelerated Purchase Share Volume Maximum, and (C) such time, from and after the Accelerated Purchase Commencement Time for such Accelerated Purchase, that the Sale Price has fallen below the applicable Accelerated Purchase Minimum Price Threshold (such earliest of (i)(A), (i)(B) and (i)(C) above, the "Accelerated Purchase Termination Time"), and (ii) the Closing Sale Price of the Common Stock on such applicable Accelerated Purchase Date (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

  • Purchase Request or "purchase requisition" means that document whereby a using

  • Unit Purchase Agreement means the Common Unit and Class B Unit Purchase Agreement, dated as of December 1, 2006, among the Partnership and the purchasers named therein.

  • Estimated Purchase Price has the meaning set forth in Section 2.2.