Value for money

1. A major consideration in purchasing any goods or services is that the purchase represents the best value for money. This does not necessarily mean that the lowest tender or lowest priced article must be purchased, only that the purchaser must have ascertained that the purchase represents the most advantageous price available consistent with quality and fitness for purpose.
2. In order to achieve value for money the College is a member of various consortia, which by the nature of their size, purchasing power, and therefore ability to negotiate competitive deals, generally provide good value for money. From time to time the College Secretary will provide advice as necessary about contracts negotiated with suppliers by the College or the London University Purchasing Consortium (LUPC). Where a consortium supplier exists, that supplier must be used unless there are good reasons for not doing so. The reasons shall be documented in writing and retained within the school for reference purposes. For goods and services where no consortium supplier exists, competitive quotations on tenders must be obtained.