It shall be the procurement policy of the university to obtain supplies, equipment, and services at the most advantageous basis to the university that is consistent with quality, service, value, price, continuity, and availability of the items at the time of purchase and in compliance with applicable laws, regulations, and funding source requirements. In conforming to this policy, the capability, capacity, and performance of the vendor historically may be considered and weighed in the decision process. Competitive bids will be solicited whenever required, possible and practical.