Why are buy-backs not reported as surplus property and an authorization request filed with the Board of Examiners?
A buy-back is a unique purchase contract made at the time of the original purchase of personal property between the vendor and the agency with approval of the Division of Purchasing, Department of Administration. The buy-back contract sets specific terms for the repurchase of the property by the vendor. Thus such property is not surplus unless its disposal is by any other means than those defined in the buy-back contract.
Related Questions
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