Student Information for FALL 2022 – IMPORTANT UPDATES

Execution of Contracts Policy – Procedure Statement

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July 16, 2020
Last Revised:
April 7, 2017
President’s Office
Approved By:
  1. Please note that no work, project or employment can begin by an individual or contractor/ service provider without a signed contract in place before their start date (verbal offers can no longer be made). No payments will be made through payroll or accounts payable without a signed contract in place.
  2. Contracts will be initiated by the VP, Academic for all departments under his supervision or the President, for all departments under his supervision.
  3. All contracts will be created through the VP, Academic Office. No other department or individual has the authority to create contracts and distribute for signature.
  4. Contract will be reviewed by Human Resources (if applicable) to ensure all specific procedures which apply to employment contracts and all employment law requirements are addressed.
  5. A mandatory review of all contracts must be undertaken by the Finance as specified by FNUniv policies to ensure that no inordinate legal, financial or operational risks, including conflict of interest, are presented.
  6. All contracts require two signatures. VP Finance & Administration is a mandatory signer on all contracts. The VP, Academic can be the second signer for contracts up to $100,000. The President, must be the second signer on all contracts over $100,000.
  7. Finance will act as the contract repository, where the original of all executed contractual documents are to be retained.
  8. Provide a monthly contract report to the President’s Office by the 15th day of the following month that contains the following information:
  • Contract Number
  • Contractee Name
  • Purpose
  • Term
  • Contract Type
  • Dollar Value
  • Contract Start Date
  • Contract End Date
  • Date Contract signed
  • Notes, if required

Please note: Also, please indicate in the report that the appropriate University policy and procedures were followed.

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