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Procurement Services - Contract Review and Approval


Policy

Subject Area: Procurement Services
Policy Title: Contract Review and Approval
Policy / Procedure No: PUR005
Responsible Office: Procurement Services

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 Procurement Services 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 Contract Review Policy located on Legal Counsel web page at http://www.northeastern.edu/legal/