Page 424 - CityofHasletFY25AnnualBudget

VIII. Definition of Terms

Definition of Terms

The words and terms used in this Purchasing Policy and Procedures shall have the
meaning indicated as follows, unless the context in which the word is used clearly
indicates otherwise:

Bidder – any person that submits a bid in response to an Invitation for Bid.

Competitive Bidding – the procurement method under the Local Government
Code whereby the City drafts the specification, schedule and other conditions for
award and send the bid package to interested bidders and/or publishes an
announcement in local periodicals. Bid opening is a formal, public procedure
where prices are read publicly and, after evaluation, the award is made to the
lowest responsible bidder or, if specified in the bid documents, to the bidder who
provides goods or services at the best value for the municipality.

Component Purchases – purchases of the component parts of an item that in
normal purchasing practices would be purchased in one purchase.

Contract – a legally binding agreement between the City and a contractor or
between a contractor and a subcontractor.

Cooperative Purchasing – procurement conducted by, or on behalf of, more than
one public procurement entity, including, but not limited to, any county,
municipality and any other political subdivision of any state or public agency of
any such subdivision, public authority, educational, health or other institutions.

Historically Underutilized Business (HUB) – a corporation formed for the purpose
of making a profit in which at least 51% or more of all classes of the shares of
stock or other equitable securities are owned by one or more economically
disadvantaged persons who have a proportionate interest and actively participate
in the corporation’s control, operation and management; a sole proprietorship
created for the purpose of making a profit that is completely owned, operated and
controlled by an economically disadvantaged person; a partnership formed for
the purpose of making a profit in which 51% or more of the assets and interest in
the partnership are owned by one or more economically disadvantaged persons
who have a proportionate interest and actively participate in the partnership’s
control, operation and management; a joint venture in which each entity in the
joint venture is a historically underutilized business, as determined under another

Purchasing Policies Page 29

Haslet Adopted Budget FY 2024-2025 422