A contract is a written agreement that is legally enforceable, regardless of the title of the operative document or documents. For the 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. Oral agreements are not permitted and will not be recognized or honored by the University.
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 a contract; reviewing when a contract will expire and renew; and ensuring that all parties meet their obligations under the terms of an agreement.
The University's Contract Management System (CMS) is the system of record for all University contracts. As of the effective date of this policy, Lexion serves as the University's CMS.
A Contract Manager is an employee responsible for managing the ongoing relationship with the vendor, including contract implementation, renewal, and support. This person is charged with 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.
A Contractor Requester is an employee who can create a contract record within the CMS and submit a contract for review.
A Contract Signer is an employee who is authorized to sign contracts on behalf of the University. Approved Contract Signers are identified under the Signatory Authority section of this policy.
A form contract/template contract is a contract written using a University-approved contract template or form.
A vendor is the party with whom the University contracts to provide the goods and/or services identified in a contract.
A vendor/third-party form contract is a document provided to the University by a vendor or other third party that is written by a vendor, or any other party, which may deviate from the University's standard terms and conditions.