Contract Summary

This is a Master Price Agreement (MPA) template established under the Bank of America (BOA) Under $50K procurement vehicle. The agreement involves multiple state and local government entities, educational institutions, and public agencies that are authorized to use this contract for purchasing goods and services. The BOA Under $50K vehicle is designed to streamline procurement processes for purchases not exceeding $50,000, enabling participating jurisdictions to access pre-negotiated pricing and terms without conducting individual competitive solicitations.

The MPA permits participating entities to purchase goods and services directly from awarded vendors at established pricing rates, with purchases capped at $50,000 per transaction. The agreement includes standard payment terms, performance requirements, and compliance obligations applicable to state and local government contracts. Participating agencies benefit from negotiated discounts and expedited procurement timelines, while vendors receive volume commitment potential across multiple jurisdictions. The contract includes standard set-asides for small and disadvantaged businesses where applicable, standard option periods for renewal, and pricing that remains fixed throughout the contract term unless formally amended. Additional contract administration provisions address insurance requirements, indemnification, compliance with applicable laws, and termination conditions consistent with state and local procurement regulations.