Tip 47 – Spending – When do you need 2 quotes?

Every body corporate will have a relevant limit for major spending.  The default limit applies unless another limit has been set at a general meeting.  Under the Standard Module the default limit is the lesser of $10,000 or $1,100 multiplied by the number of lots in the scheme.  Once you go over the relevant limit then you need at least 2 quotations, unless for exceptional reasons, that’s not practical.  For example, if you can only obtain a product or service from one source.  In that case a quote from that one source will be enough.