KENTUCKY STATE UNIVERSITY
POLICIES AND PROCEDURES
POLICY TITLE: Interim Policy on Contract Management
VOLUME, SECTION & NUMBER: 4.1.17
APPROVED BY: Acting President Michael D. Dailey, PhD
EFFECTIVE DATE: June 26, 2023 (Expected) [Interim until approved by the Board of Regents—expires 180 days from approval by the President]
REVISED FROM: Not Applicable (New Policy)
The purpose of this policy is to ensure that Kentucky State University manages the risk associated with legal agreements and safeguards its assets by providing clear direction to the University community. This policy applies to all units within Kentucky State University unless an exemption is granted upon recommendation by the Chief Financial Officer and approval by the President. The policy applies to all binding financial commitments made by or on behalf of Kentucky State University.
Further, this policy provides guidance on managing contractual obligations of Kentucky State University. All contractual obligations must be authorized at the appropriate level within the University, as identified by the University’s Board of Regents, the President, and the Vice President for Finance & Business Affairs/Chief Operating Officer.
All Kentucky State University employees must follow this policy and the related policies referenced below when creating, approving, signing, and managing contracts.
All University contracts must be reviewed and approved in compliance with this policy.
All contracts must be in writing and signed by both the approved signatory and the vendor in order to be fully enforceable. Fully executed contracts must be