Purchasing - Contract Review and Approval
Policy
PURPOSE: To assure that all contracts that commit university resources are reviewed by
Northeastern University Legal Counsel and are approved/ executed by only those individuals authorized by the Board of Trustees.
SCOPE: Applies to all Northeastern University Employees
DEFINITIONS: Contract: A contract is a written agreement prepared by either Northeastern University or a 3rd party with whom the university intends to do business, and obligates the University to pay money or other consideration for good, services, or facilities.
POLICY:
1. All contracts must be reviewed by Northeastern University Legal Counsel and will then be forwarded to an individual authorized by the Northeastern University Board of Trustees to execute contracts.
2. Authority to execute contractual agreements is limited to the President, the Senior Vice President for Administration and Finance and the Treasurer.
3. Any contract exceeding one year in duration must be reviewed and approved by the Northeastern University Board of Trustees.
4. The Purchasing Department will not issue a Purchase Order for any business relationship governed by a contract until a properly reviewed and executed contract is provided.
5. Refer to the Northeastern University Professional Standards and Business Conduct Policy for additional information on the "Contract Review Approval" at www.northeastern.edu/prostand.pdf
|