About This Commodity
All equipment leases must following the correct purchasing and leasing contract guidelines. A PeopleSoft requisition is required to initiate the process. Once the lease documents are executed the information is entered into the Peoplesoft Lease Module. Lease payments are generated automatically through the Lease Module.
It is important for departments to communicate any changes to UM Procurement as soon as changes occur. Necessary changes to communication include (not limited to):
- Change in funding
- Change in contract terms or any amendments
- Extension of contract
- Early termination of contract
- Change in previous determination for being reasonably certain (80%) you will take an optional renewal listed in the contract