What is required when purchasing through informal bids for contracts between $5,000 and $25,000?

When engaging in informal bidding for contracts that fall between $5,000 and $25,000, it is necessary to solicit at least three informal bids. This practice ensures that there is a competitive process for obtaining goods or services, promoting fairness and potentially leading to better pricing and quality for the entity making the purchase.

By requiring multiple bids, the purchaser can evaluate different suppliers and their offerings, fostering an environment where cost-effectiveness and value can be assessed. This step is crucial in public procurement as it helps maintain transparency and accountability in the spending of public funds.

The other options do not apply to the informal bid process in this context. Approval from the state governor is usually not required for low-value contracts, nor is there a need for a public announcement in informal bidding scenarios. Having prior purchase knowledge, while beneficial, is not a statutory requirement for this particular range of contracts.