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1058 Open Market
Any Georgetown University contract for the purchase or lease of goods, nonprofessional services, or for the purchase of insurance, construction, or construction management when the estimated cost thereof shall be less than $25,000 in value, shall be deemed an open market transaction and shall not be subject to the rules governing competitive sealed bidding or competitive negotiation. However, the Georgetown University Director of Administrative Services shall, wherever possible, secure at least three written or oral competitive bids on all open market transactions estimated to exceed $2,500 in value. The rules and regulations adopted pursuant this resolution shall prescribe in detail the procedures to be observed in giving notice to prospective bidders, in tabulating and recording bids, in opening bids, in making purchases from the lowest responsive and responsible bidder, and in maintaining records of all open market transactions for Georgetown University inspection.
 
 
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