Procurement Guidelines
The Bank follows procurement guidelines designed to produce fair competition and the best overall value.
Not a Federal Government Agency
The Federal Reserve Bank of Richmond is a nonprofit corporation owned by its member banks and governed by a board of directors. We are not a federal government agency. Consequently, federal government contracting regulations, programs, and GSA contract and pricing schedules do not apply.
Competitive Processes
We competitively bid procurements estimated to be $35,000 or greater in value. Quotes or proposals are solicited from a minimum of three qualified suppliers. We may choose, but are not required, to compete products and services under $35,000.
We do not publicly post our procurement opportunities. Procurement, supplier diversity and department staff work collaboratively to identify qualified suppliers to participate in an acquisition opportunity.
Award to Responsive and Responsible Bidder
We award contracts to the responsive and responsible bidder or offeror that provides the best overall solution, which may be any combination of price, quality, service, availability, timeline or other evaluation criteria specified by the Bank. A responsive bidder is one whose quote or proposal meets all of the requirements of the bid; a responsible bidder is one that has the skill, ability, integrity, and financial and other resources necessary to perform on the requirements.
Electronic Sourcing
In most cases, we issue requests for quotes and proposals and require suppliers to submit their responses electronically.
How to Become a Supplier
- Review our list of products and services that the Bank typically procures.
- If the types of goods or services your company provides are a fit for the Richmond Fed, you can create a profile on the Ariba Discovery network using the registration instructions below.
- Our Procurement team will utilize profiles on the Ariba Discovery Network to invite prospective suppliers to submit quotes or proposals in response to opportunities.
Registration Information
The Richmond Fed uses Ariba as our standard Procurement sourcing and contract management application. You can create a profile on the Ariba Discovery Network for free.
If you have questions about establishing your company profile, Ariba support can help, or if you have questions about our overall program, please contact us at Procurement Services.
Visit the Supplier Diversity page to learn more about the Richmond Fed's Supplier Diversity and Small Business Programs.