DOCUMENT CONTROL AND INDEX

TABLE OF CONTENTS

INTRODUCTION, PURPOSE AND SCOPE

1. INTRODUCTION

Vel Tech High Tech Dr.Rangarajan Dr.Sakunthala Engineering College is committed to transparent, responsible and continuously improving institutional practice. This Purchase Policy establishes the framework to ensure transparent, competitive, economical and accountable procurement of goods, works and services while meeting quality, safety and operational requirements.

2. PURPOSE

To ensure transparent, competitive, economical and accountable procurement of goods, works and services while meeting quality, safety and operational requirements.

3. SCOPE

All purchases, rate contracts, works, services, subscriptions, equipment, consumables and asset acquisitions funded by the Institution or sponsored projects.

OBJECTIVES

4. OBJECTIVES

• Obtain required quality at reasonable total cost and within required time.
• Ensure fair competition, segregation of duties and approval control.
• Prevent conflict of interest, favouritism, fraud and unauthorized procurement.
• Maintain complete procurement, receipt, stock and payment records.
• Promote sustainable, safe and lifecycle-conscious purchasing.

POLICY FRAMEWORK

5. GUIDING PRINCIPLES

1. No commitment shall be made without approved budget and authority.
2. Specifications shall be functional, non-restrictive and approved by competent technical persons.
3. Quotations and bids shall be evaluated consistently using declared criteria.
4. Interested officials shall disclose conflicts and recuse where necessary.
5. Procurement splitting to avoid approval or quotation requirements is prohibited.

6. GENERAL POLICY COMMITMENT

The Institution shall implement this policy through approved roles, adequate resources, documented procedures, transparent communication and measurable review. Decisions and exceptions shall be recorded and authorized by the competent authority.

POLICY PROVISIONS

7.1 IMPLEMENTATION REQUIREMENTS

1. The requesting unit shall submit a justified requisition with specification, quantity, budget and required date.
2. The HOD/section head shall verify necessity, compatibility, stock position and budget availability.
3. Procurement method shall be selected based on value, risk, urgency, proprietary nature and applicable rules.
4. Normally, competitive quotations shall be obtained unless an approved exception is documented.
5. A comparative statement shall evaluate technical compliance, price, warranty, delivery, support and total cost.

POLICY PROVISIONS — CONTINUED

7.2 IMPLEMENTATION REQUIREMENTS

6. Negotiation, where permitted, shall be documented and conducted by authorized members.
7. Purchase orders/contracts shall clearly state specifications, taxes, delivery, installation, warranty, penalty and payment terms.
8. Goods/services shall be inspected, certified, labelled and entered in stock/asset records before payment.
9. Deviations, shortages, damage or non-conformity shall be documented and resolved with the vendor.
10. Vendor performance and procurement exceptions shall be reviewed periodically.

ROLES AND RESPONSIBILITIES

8. ROLES AND RESPONSIBILITIES

• Management/competent authority approves purchases within delegated powers.
• The Purchase Committee ensures process compliance and recommendation.
• HODs/section heads define genuine requirements and certify satisfactory receipt.
• Accounts verifies sanctions, taxes, bills, receipt documents and payment authorization.
• Stores/asset custodian maintains receipt, issue, stock and asset records.

IMPLEMENTATION PROCEDURE

9. IMPLEMENTATION PROCEDURE

1. Raise and approve purchase requisition.
2. Finalize specification and procurement method.
3. Invite and evaluate quotations/bids.
4. Obtain approval and issue purchase order.
5. Receive, inspect, install and record the item/service.
6. Process payment, warranty and vendor-performance records.

RECORDS AND COMPLIANCE

10. RECORDS AND EVIDENCE

• Purchase requisitions and approvals
• Quotations, bids and comparative statements
• Purchase orders/contracts
• Goods receipt, inspection and stock entries
• Bills, payment and vendor-performance records

11. MONITORING INDICATORS

• Procurement cycle time
• Percentage of competitive purchases
• Budget variance and savings
• Non-conforming delivery rate
• Asset tagging and stock-record completeness

12. CONFIDENTIALITY, RETENTION AND ACCESS

Records shall be accurate, retrievable and protected against unauthorized alteration, disclosure or destruction. Access shall be role-based and limited to legitimate institutional need. Retention and disposal shall follow the approved schedule and applicable requirements.

13. NON-COMPLIANCE

Non-compliance may result in corrective action, withdrawal of access or benefit, recovery of loss, disciplinary action, referral to a statutory body or other proportionate action after due process.

REVIEW AND APPROVAL

14. REVIEW AND AMENDMENT

The policy owner shall review this document at the stated cycle or earlier due to changes in law, regulation, institutional structure, technology, risk, audit findings or stakeholder requirements. Amendments shall take effect only after approval and version control.

15. REFERENCES

• Approved finance policy and delegated financial powers
• Applicable tax, grant and procurement requirements

16. APPROVAL AND SIGNATURES

This is a controlled institutional document. Printed copies are uncontrolled unless specifically stamped and issued by the authorized office.