South Carolina Code of Regulations
Chapter 19 - STATE BUDGET AND CONTROL BOARD
Article 4 - OFFICE OF GENERAL SERVICES
Section 19-445.2152 - Leases, Lease/Payment, Installment Purchase, and Rental of Personal Property
Universal Citation: SC Code Regs 19-445.2152
Current through Register Vol. 48, No. 9, September 27, 2024
A. Justification. A governmental body proposing to enter into an agreement other than an outright purchase is responsible for the justification of such action. Lease, lease/purchase, installment purchase, or rental agreements are subject to the procedures of the Procurement Code and these Regulations.
B. Procedures. Upon written justification by the procurement officer of the governmental body of such alternate method, the following procedures will be followed:
(1) The
State of South Carolina Standard Equipment Agreement will be used in all cases
unless modifications are approved by the Director of the Division of
Procurement Services or his designee. A purchasing agency may enter into an
agreement for the rental of equipment without using the Standard Equipment
Agreement when the agreement has a total potential value of fifteen thousand
dollars or less or the agreement does not exceed ninety days in
duration.
(2) Installment purchases
will require the governmental body to submit both a justification and purchase
requisition to the appropriate chief procurement officer or his designee for
processing.
(3) All lease/purchase
and installment sales contracts must contain an explicitly stated rate of
interest to be incurred by the State under the contract.
Disclaimer: These regulations may not be the most recent version. South Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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