All contractual commitments binding Stevenson University (“University”) must be in writing and must be reviewed and approved by the University’s Vice President for Legal Affairs (VPLA) for legal form and sufficiency and by the Chief Financial Officer (CFO) for financial sufficiency.
The term “Contract” refers to a document which sets forth an understanding or agreement between the University and a third party. Examples of Contracts include, but are not limited to, memoranda of understanding (MOU), agreements, letters of agreement, licensing agreements, leases, purchase agreements, terms and conditions, purchasing quotes or any other document which memorializes an understanding or agreement between Stevenson University and any third party.
The following Contracts are exempt from this review requirement:
- A previously approved Contract that is being renewed or extended without material modification of terms.
- A Contract template that was reviewed and approved by the VPLA within the last two years where no language has been modified.
University employees may not sign Contracts that obligate the University unless they are first given authority to do so by the University President, a University Vice President or the VP’s designee.
University employees without specific delegated authority who enter Contacts that purport to bind the University, may be subject to discipline and/or personal liability.
Contracts with any financial commitment, inclusive of insurance requirements, must be sent to the CFO for review. Technology licenses and software Contracts must also be sent to the Stevenson University Chief Information Officer (CIO) for review. These reviews should take place prior to submitting a Contract to the VPLA.
The VPLA may determine that additional institutional review of a Contract is required prior to approving it for legal form and sufficiency.
The employee requesting review of a Contract is responsible for taking the following actions:
- carefully reviewing and understanding the Contract terms, including signature authority;
- discussing as needed all operational, technology and financial requirements and commitments set forth in the Contract with their Vice President or the VP’s designee; and
- submitting all Contracts with any financial commitment or technology requirements to the CFO and CIO as set forth in this policy.
University employees who fail to follow the necessary steps above may be subject to disciplinary action and/or personal liability.
The Vice President or designee who signs a Contract is responsible for:
- Ensuring compliance with the obligations contained in the Contract for the full term of the Contract.
- Ensuring a copy of the fully executed Contract is on file with the appropriate unit(s).
- Initiating any amendment, cancellation, or renewal of the Contract as provided by the Contract terms.
PROCEDURES
Requests for Contract review should be sent to the VPLA at least two weeks prior to proposed Contract effective date and can be submitted sooner. All related correspondence, addenda, attachments, and a copy of any previous or related Contracts should be submitted with the Contract to be reviewed.
The time needed for review depends on the Contract’s complexity, the need to confer or discuss with others and the number of other Contracts or other legal matters pending for review by the VPLA. Additional information about approval authority for purchases can be found in the Stevenson University Purchasing Policy.
10/13/2025