Execution of Contracts Policy – Procedure Statement
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Issued:
July 16, 2020
Last Revised:
October 6, 2022
Owner:
President’s Office
Approved By:
President
No work will commence for any service, third party agreement > (greater than) $5,000, or employment of an individual and/or contractor and/or service provider without a written signed contract in place. Verbal offers will not be authorized under any circumstances. Payments will not be issued through payroll or accounts payable without a fully executed written contract.
Contracts will be initiated by the President’s Office, Vice-Presidents, Associate Deans, and their departments. Administrative Assistants may be delegated to complete Contract Request Forms (CRF) for submission on behalf of the above units.
Contracts will be created through Human Resources by the Contract Administrator. No other Department or individual has the authority to create contracts and distribute for signature.
Submitted Contract Request Forms (CRFs) will be reviewed by Human Resources for compliance with Collective Bargaining Agreements, applicable employment laws, and pay scales before approval.
Finance will review CRF’s for inordinate legal, financial, and/or operational risks, including conflicts of interest.
All contracts require two signatures, V.P. Finance & Administration and one other signing authority.
a) For contracts < (less than) $ 100,000, the President and V.P. Finance & Administration must sign, unless delegated in accordance with the Delegation of Authority Policy and the Signing Authority Policy.
b) For contracts > (greater than) $200,000, the Board of Governors Chair and the President must sign.
Fully executed contracts will be retained by:
a) Human Resources – for Employment Contracts; and
b) Finance – for Service, Third-Party Contracts, and Leases.
The President’s Office will have access to the Contract Tracking Spreadsheet outlining all details of executed contracts and will request reports, as needed, from the Contract Administrator.
A quarterly summary report will be provided to the Board of Governors.
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