Contract management

The purpose of this policy is to outline the authority and responsibilities of university administrative personnel regarding executing and reviewing contracts on behalf of Lynn University.

Only the President, as chief executive officer, and the Chief Financial Officer and Treasurer, as the chief financial officer, and their authorized designees have the authority and responsibility for the execution and delivery of contracts or agreements that bind Lynn University. This includes contracts and agreements for goods and services to be provided by the university, as well as for goods and services to be provided to the university. Unauthorized university employees shall not sign any contract, agreement, license, purchase order, memorandum of understanding, lease, or any other potentially binding document on behalf of the university. Failure to comply with this limitation may result in personal liability as well as appropriate disciplinary action.

The university’s General Counsel must approve all contracts and agreements binding the university. This includes academic program-related contracts, business contracts, and all contracts to retain workers as independent contractors.

Contract—an agreement between two parties containing all the terms and conditions of that arrangement including an offer, acceptance, consideration, and a legal means. A document need not be labeled "contract" to be covered by this policy. A document labeled "agreement", "memorandum of understanding" (or MOU), "lease", "license", "letter of intent", and even a letter, or any other similar written item indicating or implying a legally enforceable document, is a contract under this policy if it describes an obligation of the university, either to do or not do something or to pay money. Any question whether a document is a contract should be referred to the university’s General Counsel.

The generating department must send all contracts to university General Counsel for review of legal sufficiency before signing by the President or Chief Financial Officer and Treasurer. In addition, with the exception of emergency changes, all contracts addressing changes to university information systems and resources must also be sent to the Chief Information Officer for review along with a copy of the corresponding purchase order. See the university's information system change management policy for additional information.

The university’s General Counsel maintains the signed original university document record, according to the university retention schedules, of all contracts that are not processed through Purchasing.

To learn more about this policy or the supporting procedures, please contact General Counsel.