KENTUCKY STATE UNIVERSITY POLICIES AND PROCEDURES

POLICY TITLE: Contract Management Policy

VOLUME, SECTION & NUMBER: 4.1.17

ENTITIES AFFECTED: All Departments and Divisions

ADMINISTRATIVE AUTHORITY: Department of Finance & Business Affairs Office of General Counsel

APPROVED BY:

The Kentucky State University Board of Regents

EFFECTIVE DATE:

November 28, 2023

POLICY STATEMENT:

This policy aims to ensure that Kentucky State University effectively safeguards its assets and manages the risks associated with legal agreements. This policy applies at all times to all units within the University unless an exemption is granted upon recommendation by the Vice President for Finance & Business Affairs and approval by the President. The policy is controlling for all binding commitments made by or on behalf of Kentucky State University.

This policy also provides guidance on managing the 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. Lastly, this policy outlines the process by which the University stores its contracts.

All Kentucky State University employees must adhere to this policy when creating, approving, signing, and managing contracts.