Financial Institution: Bank of America (BoA)

Contact Information: Siyani Fullerton (Siyani.fullerton@bofa.com)

Lease Proposal Request Process:

  1. Lehigh stakeholders submit proposal request via email to Siyani Fullerton at BoA- including dollar amount, term duration preference and quote from vendor. 
    1. Be sure to know payment terms (i.e. is payment due net 30 of delivery or shipping, and what is lead time to delivery)
    2. See # 6 below for payment options based on vendor’s payment terms 
  2. BoA will generate a term sheet (legal terms and conditions are already pre-negotiated by Purchasing) 
  3. BoA will review term sheet with Lehigh stakeholder and Purchasing
  4. Lehigh provides confirmation to proceed and Purchasing returns signed proposal
    1. Stakeholders connect BoA with vendor and ensure all parties are aware project is moving forward
    2. BoA then issues a Purchase Order for the assets
  5. BoA can provide a term sheet for an already purchased asset that Lehigh paid for previously (can look back 12 – 16 months)
  6. Payment options for new purchases:
    1. Lehigh pays vendor directly and BoA reimburses Lehigh
    2. BoA pays vendor directly on Lehigh’s behalf (BoA will update Purchase Order to bill BofA and ship to Lehigh)
    3. For projects where payment is due before delivery- BoA can pay in advance on Lehigh’s behalf (progress payments), but will need to understand payment terms, delivery timing, etc.
  7. Once equipment is delivered and accepted, BoA will send the lease schedule documents for Purchasing signature to initiate financing
    1. Payments are in arrears (for example, if BoA receives signed documents on April 9th, first payment would be due May 9th)