{"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":"

I.\u00a0 EFFECTIVE DATE<\/h2>\n

03\/12\/2024<\/span>\u00a0<\/span><\/p>\n

II. LAST REVISION DATE<\/h2>\n

N\/A<\/span>\u00a0<\/span><\/p>\n

III. RESPONSIBLE PARTY<\/h2>\n

Office of Procurement and Payment Services<\/span>\u00a0<\/span><\/p>\n

IV. SCOPE<\/h2>\n

All University employees are subject to this Policy.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

V. PURPOSE<\/h2>\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

VI. POLICY STATEMENT\u00a0<\/span><\/h2>\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

VII. DEFINITIONS\u00a0<\/span><\/h2>\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

VIII. POLICY\u00a0<\/span><\/h2>\n

A. Initial Review by Initiating Department<\/h3>\n
    \n
  1. Prior to submitting a proposed contract for the University\u2019s approval, the initiating department must conduct its own review of the proposed contract.\u00a0 The review should focus on the business implications of the terms and conditions of the contract.\u00a0\u00a0<\/span><\/li>\n
  2. Once the initial review is complete, the initiating department must submit the proposed contract for approval to the following University office based on the type of contract:<\/span><\/li>\n<\/ol>\n
      \n
    1. \n
        \n
      1. Office of Procurement and Payment Services:<\/span><\/b>\u00a0 Contracts related to the acquisition of goods and services.\u00a0 Examples include professional services agreements, purchase orders, software license agreements, and leases of movable property, such as tools, equipment, and vehicles.<\/span>\u00a0<\/span><\/li>\n
      2. Office of the Provost:\u00a0<\/span><\/b> Contracts related to affiliations, partnerships, or other cooperative relationships with educational institutions, government agencies, and private organizations for local and international programs in support of academic initiatives and community outreach with a focus on academic programs, faculty research, and student exchanges. Examples include memoranda of agreement with other educational institutions or governmental entities, agreements related to study abroad programs, online education partnership agreements, articulation agreements, affiliation agreements, student or faculty exchange program agreements, experiential learning opportunities agreements, student internship agreements, and clinical placement agreements.<\/span>\u00a0<\/span><\/li>\n
      3. Office of Sponsored Programs:<\/span><\/b>\u00a0 Contracts related to grants and contracts with private or governmental sponsors that support University research, scholarship, teaching, or creative activity. This includes non-disclosure agreements and teaming agreements related to proposal submissions and Interagency Personnel Agreements with federal government agencies.<\/span>\u00a0<\/span><\/li>\n
      4. Office of University Advancement:<\/span><\/b> Contracts related to gifts and bequests to the University, the naming of buildings or other University spaces, and the establishment of endowed or non-endowed funds.<\/span>\u00a0<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n
          \n
        1. Each of the above-identified University offices may establish additional procedures for an initiating department to follow when submitting a proposed contract for approval.\u00a0\u00a0<\/span><\/li>\n<\/ol>\n

          B. General Requirements Applicable to all Contracts\u00a0<\/span><\/h3>\n
            \n
          1. Contracts can be signed only by an authorized Signatory Authority as defined in the Signatory Authority Policy.<\/span><\/li>\n<\/ol>\n
              \n
            1. \n
                \n
              1. The performance of work, ordering of goods, contracting of services or other activities related to a contract must not begin before the review and approval and signing of a contract as set forth in this Policy, unless authorized by the relevant Signatory Authority.\u00a0\u00a0<\/span>\u00a0<\/span><\/li>\n
              2. All contracts must identify Marymount University as the contracting party. Individual colleges, schools, departments, offices, student organizations and\/or individuals may not be named as parties to the contract but may be referenced in the body of the contract. The official Marymount University address is 2807 North Glebe Road, Arlington, VA 22207.\u00a0\u00a0<\/span>\u00a0<\/span><\/li>\n
              3. No contract may be executed by the University unless it has been subject to a review and approval process that conforms with this Policy and is managed by the applicable University office identified in Section VIII A(2) of this Policy who is accountable for the following requirements:<\/span>\u00a0<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n