Responsibility of Internal Audit Team
The Internal Audit Team is responsible for providing periodic review for compliance with this policy.
DEFINITIONS:
Contract
A contract is a binding commitment by or on behalf of the University that is in oral or written form, regardless of the title of the operative document or documents. For purposes of this policy, the term “contract” includes but is not limited to written contracts, agreements, leases, memoranda of understanding (“MOU”), memoranda of agreement (“MOA”), gift agreements, mutual aid agreements, settlement agreements, resolution agreements, letter agreements, and binding letters of intent.
Contract Management
Contract Management is the process of creating, negotiating, approving, executing, and implementing a contract. This includes ensuring that deliverables, deadlines, and contract terms and conditions are met; addressing related problems; incorporating changes or modifications to the contract; reviewing when contracts will expire and renew; and ensuring both parties meet their obligations under the terms of the agreement.
Contract Management System
The University's Contract Management System (CMS) is the system of record for all University contracts. As of the effective date of this policy, the CMS uses the Lexion system.
Contract Approver
The Contract Approver is the University employee responsible for approving or rejecting requests for contracts and contract terms and conditions that fall within the realm of their responsibility. Contract approvers are able to view, edit, and update contract information in the CMS and attach related documentation for their department or division. Contract approvers are responsible for reading and approving the terms of all contracts within their scope of responsibility.
Contract Manager
The University employee responsible for managing the ongoing relationship with the vendor, including implementation, renewal, and support. This person is responsible for ensuring that the University’s rights and obligations under the contract are met. Contract Managers can view, create, and submit contracts for approval, as well as update contract information and attach related documentation for their department or division.