The contract must list the name and address of the vendor, and the terms must be clearly specified (e.g., length of contract, cost, deliverables).

Contract forms/templates contain the University’s standard terms and conditions and must be used to the fullest extent possible. If the forms/templates cannot be located on the University’s website, the Office of General Counsel should be contacted.

All contracts must be sent to the Office of General Counsel for review before they may be signed on behalf of the University.

Contract approval and signature authority has been defined by the University and is outlined below in the “Signature Authority” section.

Contract Forms/Templates are regularly reviewed and approved by the Vice President for Finance & Business Affairs and the General Counsel.

Throughout the life cycle of the contract, actions related to the terms and conditions of the contract must be noted and/or documented by the Contract Manager.

This policy must be read in conjunction with the Model Procurement Code (KRS 45A) and must be adhered to at all times.

Contracts with expenditures of $50,000 or more must be approved by the Board of Regents and signed by the University's President.

Contracts with expenditures under $50,000 may be approved and signed by the President without Board approval.

Per KAR 745 1:060, the President may delegate financial management responsibilities in writing. The President has delegated the authority to approve and sign contracts with expenditures under $5,000 to the Vice President for Finance & Business Affairs/CFO.

Contracts that do not require expenditures may be approved and signed by the University's Provost if such contracts are academic in nature.