What is it?
A Contract is any document that creates a binding, legal relationship between the university and one or more third parties. There are many different categories of Contracts, including purchase, research proposals, research, general, insurance, gift agreements, construction, and employment.
What you need to know BEFORE you begin Contract negotiation.
- The Procurement Policy guides the acquisition of any good or service made for teaching, research, administrative duties or any other related university operations. Watch the ‘Procurement Policy 101’ video to learn more!
- The Signing Authority policy outlines who can bind the university Contractually (i.e. sign a Contract). Watch the Signing Authority policy videos to learn more!
Why is this important?
- If you haven’t followed the procurement process BEFORE Contract negotiation, you may be required to restart the process and discontinue your relationship with the vendor.
- Signing a Contract where you don’t have the authority could expose the university to significant risk and liability.