Execution of Contracts Policy – Procedure Statement
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Issued:
July 16, 2020
Last Revised:
October 6, 2022
Owner:
President’s Office
Approved By:
President
No work will commence for any service, third party agreement > (greater than) $5,000, or employment of an individual and/or contractor and/or service provider without a written signed contract in place. Verbal offers will not be authorized under any circumstances. Payments will not be issued through payroll or accounts payable without a fully executed written contract.
Contracts will be initiated by the Contract Owner through a Contract Initiation Form (CIF).
CIFs will be reviewed by the Contract Owner, Contract Administrator, and Delegated Authority.
CIFs will be approved and signed by the Contract Owner and Delegated Authority.
Standard contract templates will be used, with certain sections allowing adjustments as required to meet operational requirements.
Contracts will be reviewed and adjustments recommended by the Content Experts to ensure compliance with relevant regulations, agreements, laws, and FNUniv policies. Content Experts, as the experts in their specific area, will provide detailed feedback and guidance to the Contract Owner. Once the contract contents are in compliance and appropriate per the Content Experts, the Content Experts will sign the CIF.
a. Human Resources Content Experts will review the contracts for compliance with FNUniv HR Policies, Collective Bargaining Agreements, applicable employment laws, pay scales, FNUniv policies, etc.
b. Finance Content Experts will review contracts for compliance with applicable FNUniv finance policies, financial and operational risks, conflicts of interests, etc.
c. Legal Content Experts will review contracts for compliance with applicable FNUniv policies, laws, legal risks, etc.
d. Technology Content Experts will review contracts for compliance with applicable FNUniv policies, technology related risks such as cyber, data, privacy, etc.
Completed contracts will have a final review by the Contract Owner and Delegated Authority before they sign the contract. All contracts require two signatures – one from the Contract Owner and one from the Signing Authority. As indicated within the risk assessment section of the CIF, some CIFs require an additional signature if they are of heightened risk to FNUniv.
Fully executed contracts will be retained and tracked by the Contract Administrator.
The Contract Administrator is responsible for maintaining a Contract Tracking Spreadsheet, including all relevant contract details. The President’s Office will have access to the Contract Tracking Spreadsheet outlining all details of executed contracts and will request reports, as needed, from the Contract Administrator.
A quarterly summary report will be provided to the Board of Governors.
The Contract Owner is responsible to oversee and document contract performance evaluations as part of the contract performance management.
When a contract is coming close to expiry, the Contract Owner will assess whether the contract should be renewed, closed out, or adjusted in any manner.
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