Master Lease for Statewide Financial Leasing Prequ
Ended State & local contract Michigan Awarded
- Contract number
- MA190000000362
- Awardee
- HEWLETT-PACKARD FINANCIAL SERVICES
- Contracting organization
- Department Technology, Management and Budget
Contract facts
- End date
- Points of contact
-
- Jordan Sherlock sherlockj@michigan.gov (517) 243-5556
- Emily Fedewa fedewae3@michigan.gov (517) 897-7321
- Emily Massa massae@michigan.gov (517) 897-7321
Contract details come from michigan.gov. Updated .
About this contract
The Master Equipment Lease Agreement under MA190000000362 provides statewide financial leasing services for equipment procurement across Michigan state agencies. Through this indefinite delivery, indefinite quantity (IDIQ) prequalification vehicle, state agencies can access fixed-rate equipment financing for purchases exceeding $500,000, with lease terms structured not to exceed the useful life of the financed items. The contract operates on a Tier II competitive bidding process wherein agencies submit equipment leasing requests and the contractor provides fixed-rate interest quotes for individual lease schedules. Payment structures are flexible, offering both monthly and annual payment options, and the State retains valuable procurement flexibility through an early purchase option allowing equipment acquisition for $1.00 at any point during the lease term, as well as the option to return equipment at lease termination.
Hewlett-Packard Financial Services Company serves as the prime contractor under this master lease agreement administered by the Michigan Department of Technology, Management and Budget. The contract was awarded on February 1, 2019, with an initial completion date of January 31, 2024. Through five exercised one-year option periods, the contract period of performance has been extended through January 31, 2029, providing continuous statewide coverage across Michigan. As an IDIQ master contract, no specific contract value is established, as actual lease amounts are determined through individual financing proposals submitted by state agencies. The contract type is managed as a prequalification program, with all payments subject to annual appropriations by the Michigan State Legislature and requiring electronic fund transfer within forty-five calendar days of invoicing.
Files
| File | Type | Posted |
|---|---|---|
| 190000000362.pdf |
Quick answers
Who holds contract MA190000000362?
Contract MA190000000362 was awarded to HEWLETT-PACKARD FINANCIAL SERVICES by Department Technology, Management and Budget in Michigan on February 1, 2019.
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