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 uploaded to the University's contract management system, which is currently Lexion.

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

Contract forms and templates are regularly reviewed and approved by the General Counsel.

Contract forms and templates contain the University's standard terms and conditions and must be used to the fullest extent possible. If the University's forms/templates cannot be located on the University's Purchasing webpage, contact the Office of General Counsel.

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

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

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

Contract approval and signatory authority has been defined by the University and is outlined in the following section.

The individuals identified below are the only employees who have the authority to approve and sign contracts on behalf of the University.

The President must sign any contract that requires expenditures of more than $5,000.

If a contract requires expenditures of more than $250,000 in a single fiscal year, the Board of Regents must approve the contract's expenditures before the President may sign the contract.

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 of $5,000 or less to the Vice President for Finance & Business Affairs.

The Vice President for Finance & Business Affairs may also sign any contracts that do not require expenditures and that are revenue-generating or philanthropic in nature.