POLICY TITLE: Contract Management

APPLIES TO:

All KSU departments and divisions, and all employees involved in the creation, approval, signing, or management of KSU contracts

ADMINISTRATIVE AUTHORITY: Division of Finance and Administration Chief Financial Officer (CFO) Office of General Counsel

APPROVED BY: Kentucky State University Board of Regents

EFFECTIVE DATE: August 8, 2025

NEXT REVIEW DATE: August 8, 2028

POLICY STATEMENT:

This policy establishes the official framework for the management of all contracts at Kentucky State University (KSU). Its purpose is to safeguard KSU assets, manage risks associated with legal agreements, and ensure that all binding commitments are properly authorized and compliant with applicable laws. All KSU employees must adhere to this policy when creating, approving, signing, and managing contracts.

DEFINITIONS:

Contract

A written agreement that is legally enforceable, regardless of its title. This includes, but is not limited to, agreements, leases, memoranda of understanding (MOU), memoranda of agreement (MOA), gift agreements, and settlement agreements. Oral agreements are not permitted and will not be honored by KSU.