Before entering into any college contract, you need to comply with the requirements of the Goucher College Policy on Contract Review and Approval (PDF).
A "college contract" is any agreement between the college or one of its units and a third party. This includes, but isn't limited to, agreements with speakers or performers coming to campus; agreements for catering, transportation, or other services; agreements to buy or rent a product; software licensing agreements; and any memoranda or letters of understanding with other companies or individuals.
- NEW REQUIREMENT: All contracts with a value of $5,000 or more (in total for the life of the contract) must be approved and signed by the president or appropriate vice president. Signing authority for such contracts may no longer be delegated to another person in the department or division.
- NEW REQUIREMENT: The division, department, or other college unit responsible for the contract shall maintain the original signed agreement in its permanent files and shall forward a copy of the contract, and any required certificate(s) of insurance as described in Section 4, to the Financial Administrator for scanning into an electronic database. Your work on a contract is not complete until you have met this recordkeeping requirement.
- Please send copies of existing contracts to the Financial Administrator in the Controller's office upon receipt of this e-mail.
- Purchases exceeding $1,000 are generally subject to the provisions of this policy, as well as the purchasing policies and procedures of the college.
- Small purchases (up to $1000) for which there is no formal purchase order or written contract or agreement, office supply orders, and books and subscription purchases may be made by departments without the approval of a vice president (or designee).
The policy requires that certain steps be taken before you sign a contract, including:
* consult with all divisions or departments affected by the contract
* get the approval of the appropriate vice president or person delegated by the vice president
* submit the contract to the General Counsel's Office for review and approval
* make sure that you have written authority to sign the contract (delegated by the president or vice president).
The contract review process is mandatory, but it also helps you in a number of ways. First, there may be issues you haven't considered in working on an agreement, such as the need for certificates of insurance or the need to comply with regulatory requirements. Second, if you follow the process, you will be protected should problems arise after the agreement is signed. Finally, appropriate consultation, review, and approval helps to ensure effective and efficient management of college resources and operations.
Direct any questions about the policy to legal counsel Barbara Stob, x6011.