{"id":20143,"date":"2024-05-20T10:15:30","date_gmt":"2024-05-20T14:15:30","guid":{"rendered":"https:\/\/marymount.edu\/?page_id=20143"},"modified":"2024-05-20T10:15:30","modified_gmt":"2024-05-20T14:15:30","slug":"contract-review-and-approval-policy","status":"publish","type":"page","link":"https:\/\/marymount.edu\/faculty-and-staff\/financial-services\/finance-policies\/contract-review-and-approval-policy\/","title":{"rendered":"Contract Review and Approval Policy"},"content":{"rendered":"
03\/12\/2024<\/span>\u00a0<\/span><\/p>\n N\/A<\/span>\u00a0<\/span><\/p>\n Office of Procurement and Payment Services<\/span>\u00a0<\/span><\/p>\n All University employees are subject to this Policy.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n This Policy defines the general process for review and approval of contracts before execution by an authorized Signatory Authority.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n To support Marymount University\u2019s (\u201cUniversity\u2019s\u201d) educational, research, and business operations, it is at times necessary to enter into contracts with other entities. Well-drafted contracts clarify and define the agreement between the parties and protect against unnecessary risks to the University\u2019s resources and reputation.\u00a0 Employment agreements and faculty contracts are not covered under this Policy, and questions about those types of contracts should be directed to Human Resources.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n Contract<\/span><\/b>\u00a0<\/span><\/p>\n A contract is an agreement between Marymount University and a third-party, intended to have legal effect or be otherwise recognized at law. A contract involves two or more parties and contains essential terms that reflect their respective mutual obligations and the existence of valid and sufficient \u201clegal consideration,\u201d meaning that something of value is exchanged between the parties. A contract may also be referred to as an agreement, memorandum of understanding, release, waiver, license, or lease.<\/span>\u00a0<\/span><\/p>\n Signatory Authority<\/span><\/b>\u00a0<\/span><\/p>\n Signatory Authority means individuals identified in the Signatory Authority Policy who are authorized, within the scope of their authority, to approve, execute, and acknowledge, on behalf of the University, all contracts that they determine to be necessary or appropriate to carry out University business.<\/span>\u00a0<\/span><\/p>\n Once the reviews and approvals have been obtained under this Policy, the contract may be submitted to the authorized Signatory Authority for review, approval, and execution in accordance with the Signatory Authority Policy.<\/span>\u00a0<\/span><\/p>\n The original or appropriate copy of a fully executed contract and supporting documentation of review and approval must be maintained by the applicable University office identified in Section A(2) of this Policy. The initiating department is also responsible for maintaining copies of such contracts in its own files.<\/span>\u00a0<\/span><\/p>\n Failure to enforce the requirements set forth in this Policy may expose the University to financial loss, legal actions, and claims of breach of contract or default. Further, the University does not recognize contracts signed by University employees or agents as binding on the University unless the employee is an authorized Signatory Authority. Employees who sign a contract without authority properly delegated pursuant to the Signatory Authority Policy may be personally liable under the contract and may be subject to University disciplinary action, up to and including termination of employment.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" I.\u00a0 EFFECTIVE DATE 03\/12\/2024\u00a0 II. LAST REVISION DATE N\/A\u00a0 III. RESPONSIBLE PARTY Office of Procurement and Payment Services\u00a0 IV. SCOPE All University employees are subject to this Policy.\u00a0\u00a0\u00a0 V. PURPOSE This Policy defines the general process for review and approval of contracts before execution by an authorized Signatory Authority.\u00a0\u00a0\u00a0 VI. POLICY STATEMENT\u00a0 To support Marymount […]<\/p>\nII. LAST REVISION DATE<\/h2>\n
III. RESPONSIBLE PARTY<\/h2>\n
IV. SCOPE<\/h2>\n
V. PURPOSE<\/h2>\n
VI. POLICY STATEMENT\u00a0<\/span><\/h2>\n
VII. DEFINITIONS\u00a0<\/span><\/h2>\n
VIII. POLICY\u00a0<\/span><\/h2>\n
A. Initial Review by Initiating Department<\/h3>\n
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B. General Requirements Applicable to all Contracts\u00a0<\/span><\/h3>\n
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C.\u00a0 Review by Signatory Authority Before Contract Execution\u00a0<\/span><\/h3>\n
D.\u00a0 Contract Retention\u00a0<\/span><\/h3>\n
E.\u00a0 Compliance and Enforcement\u00a0<\/span><\/h3>\n