Approved Supplier: An Approved Supplier is appointed as a result of a tender or other selection process in accordance with the threshold values established in this policy. Best Value for Money Outcome (BVMO): The outcome that gives the best value for money for the University overall. This does not necessarily mean the lowest price or the result that just delivers the lowest cost for a department or Cost Centre. In many instances the selection of a Supplier or their products should take into account other considerations such as the lowest overall Total Cost of Ownership (TCO) giving due consideration to the total cost to the University whilst we own the products, and covers other factors not exclusive to purchase price. These factors can include the cost of sourcing, procuring and paying for the products, the estimated cost of parts and on-going maintenance charges, installation and de-installation costs. TCO should also consider inputs to the manufacture and maintenance of a product such as energy, water, paper, toner, chemicals, software etc., and, importantly, the cost of environmentally responsible disposal at end of life. Fit for Purpose: appropriate, and of a necessary standard, for its intended use. Probity: is the evidence of ethical behaviour in a particular process. Probity is defined as complete and confirmed integrity, uprightness and honesty. It contributes to sound procurement processes that accord equal opportunities for all participants. A good outcome is achieved when probity is applied with common sense. Probity should be integrated into all procurement planning, and should not be a separate consideration. Risk management of “probity in the procurement process” requires a higher level of control (mitigation) over the procurement process where there is a higher likelihood of exposure to claims about the process. In summary, procurement decisions are to be made in a transparent manner, which allows them to be understood and justified subsequently. Simple ‘Threshold’: The threshold at which at least 1 documented quote must be obtained. 3 Quote Threshold Value: The threshold at which at least three documented quotes must be obtained from Suppliers for the proposed supply of goods and/or services. Tender Threshold Value: The threshold at which a tender must be issued to Suppliers for the proposed supply of goods and/or services. Direct Invoice: An invoice processed by the University without there being an initiating Purchase Order Issued by the University (Buyer). Direct invoices are allowed for a limited and select group of goods and/or services where on-going supply is provided on a regular basis and are normally covered by an overarching contract or agreement. All other invoices require a reference to a Purchase Order in order to finalise settlement with a Supplier. Environmentally responsible procurement (issues): Environmental issues cover all environmental impacts of products and services from cradle to grave including: reducing the amount of products purchased; minimising energy, water and materials; recycled, recyclable, biodegradable and reusable components; minimal packaging, maintenance, waste, emissions, chemicals and transportation; and environmentally responsible disposal. Purchase Order: A formal document initiated by a Buyer and forwarded to a Supplier normally used to form the basis of a one-off contract between the parties for the supply of goods and/or services to the Buyer. Probity Auditor and/or Advisor: Is appointed to review and/or advise on the deliberations of a Tender Evaluation Panel to ensure that all processes are conducted in a transparent, honest, fair and competitive manner. Procurement Board: The Board of management established by Monash University to promote and oversee best practice in the processes used by the University to procure goods and services in order to achieve value for the University’s expenditure. The Procurement Board will normally receive, for approval, the recommendations from a Tender Evaluation Panel on the awarding of a Tender where the value of the Tender exceeds a prescribed threshold value. Documented Quote: A submission from a Supplier that specifies the cost of supplying goods and/or services, or a record of a published price from a Suppliers website. Tender: A competitive process used to seek bids from a Supplier. Socially responsible procurement (issues): Social issues cover all social impacts of products and services including: health, safety, human rights, ethical production processes, social justice, Fair Trade, diversity, access, and purchasing locally and domestically made products. University: means Monash University or related entities that are bound by the University’s regulations or can acquire goods and/or services under the University’s contracts and agreements with Suppliers. | 
