For the purposes of this regulation the following definitions shall apply:
(1) "Purchasing agent." The person designated by the city manager as responsible for the implementation of this regulation, and who shall exercise supervision over all purchasing and procurement of all supplies, materials, equipment and/or services, as well as property control and inventory for supplies, materials, equipment or services for the City of Paris, or, failing such designation, the city manager him/herself.
(2) "Purchase." The act of procuring supplies, materials, equipment and/or services in exchange for money where title will vest in the city.
(3) "Lease." The act of procuring the use of supplies, materials, equipment and/or services in exchange for a periodic payment of money where title will not vest in the city.
(4) "Lease/purchase." The act of procuring the use and ownership of supplies, materials, equipment and/or services by the means of periodic payments of money, where title will vest in the city at a pre-agreed point in time, when certain monetary conditions have been met.
(5) "Request for quotation." The form prescribed by the purchasing agent to invite competitive bids from prospective suppliers for supplies, materials, equipment or services (same as invitation to bid), or the act of soliciting a quotation.
(6) "Purchase order." The form prescribed in certain instances by the purchasing agent for the procurement, lease or lease/purchase of supplies, materials, equipment or services.
(7) "Contract." A formal, written agreement between the City of Paris and the provider of supplies, materials, equipment or services to the city.
(8) "Competitive bidding." The process of obtaining price quotations from various sources for required supplies, materials, equipment or services by use of standardized specifications and invitations to submit quotations for same.
(9) "Invitation to bid." The procedure of submitting request for quotations to various sources for the proposed procurement of supplies, materials, equipment or services. (Same as invitation to submit quotation.)
(10) "Public advertisement." The act of placing an advertisement in the newspaper with the highest circulation in Henry county announcing the intent of the city to purchase supplies, materials, equipment or services, and inviting public participation by submission of competitive bids.