Transcript Travel Changes and Contract Execution Policy

Type of Travel: International
Domestic
Error Message: You must select Domestic or International Travel
Purpose:
-Provide a clear definition of a contract;
-Clarify contract signing authority;
-Reinforce Purchasing and Travel’s role in
negotiating and executing contracts.
Title: Contract Execution Policy (3-11)
Approval Date: September 19, 2011
Approved by: President's Council
I. Definitions:
Contract: Any agreement, written or oral, that creates an obligation, right, or
liability for the university. An agreement may be a binding contract even though
one party provides something of value to the other party at no charge. This policy
applies to an initial contract and all amendments, renewals, or extensions of such
contract.
Purchase Order: A legal document issued by the university’s Purchasing and Travel
Department to a supplier which describes product specifications or scope of work,
quantities, and agreed upon prices for products or services the seller will provide.
Once accepted, this forms a contract which is generally short term in nature to
supply the specified goods and services. It contains standard terms and conditions
reviewed and approved by Purchasing and Legal Counsel.
II. Policy
The authority to execute contracts is vested in the officers of the university by the
Board. The officers may delegate specific authority to others as required to
effectively conduct the business of the university. Delegation of such authority
shall be done in writing and be included in the appropriate procedures of the
department. Purchasing will be included in all contract negotiations unless a
specific exception has been approved by an officer of the university.
Purchasing is authorized to execute purchase orders according to established
purchasing policies and procedures against approved budgets and projects in
response to requisitions from authorized account stewards. Purchase orders in
excess of $90,000 require the specific approval of an officer of the corporation.
Purchasing and Travel employees shall have documented signing limits for
purchases at or under $90,000.
All contracts negotiated by the Purchasing Department that fall outside of the
standard purchase order process in excess of $25,000 require the signature of an
officer of the university.
http://www.byui.edu/Policies/policy3_11.htm