What defines the one-time purchase authority for goods?

The one-time purchase authority for goods is defined as having a contract value that cannot exceed $50,000. This limit is set to streamline procurement processes for smaller purchases, allowing agencies to acquire necessary goods without undergoing lengthy bidding procedures, which can be required for larger contracts. By establishing this monetary threshold, the Texas purchasing guidelines facilitate timely and efficient procurement while still maintaining fiscal responsibility.

In contrast, the other choices represent elements that are not characteristics of the one-time purchase authority. For instance, the need for a competitive bidding process and approvals from multiple agencies typically applies to larger contracts and purchases, which exceed this predefined financial limit. Additionally, the notion of extending the term of a contract contradicts the fundamental principle of the one-time purchase authority, which is designed for singular, one-off procurement scenarios rather than ongoing or repeated purchases.