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Loyola University Chicago

Purchasing

University Contract Policy

TABLE OF CONTENTS


A.  GENERAL STATEMENT

Except as otherwise provided below, all agreements and contracts (including letter agreements) which obligate the University in any manner must comply with this Contract Policy. This Contract Policy is applicable to all campuses and operations of the University including the Lakeside Campuses, the Health Sciences Campus, the Cuneo Mansion and Gardens, LUREC and the Rome Center Campus.

Exception to Contract Policy:

Research Contracts and subcontracts for services and products to be provided by Loyola faculty, staff, and students which are paid for by extramural funding sources are not subject to this Contract Policy, but will be subject to a separate policy pertaining to such contracts. Non-research contracts for consulting or other non-research services are subject to this Contract Policy.

B.  SIGNATURE REQUIREMENTS

Only the President, the Provost(s), the Vice Provost(s), the Senior Vice Presidents, and the Vice Presidents (the “Authorized Officers”) are authorized to sign agreements and contracts for the University within their respective areas of responsibility, except for any authority which is reserved to the Board of Trustees of the University (e.g., all obligations or expenditures over $3 million require Board approval) or any authority which is otherwise delegated by the Board of Trustees (for example, only the President is authorized to sign gift agreements) and except as otherwise provided below. All other contracting delegations are terminated.

Signature Requirement Exceptions:

  1. Employment Agreements: Only the President and the Provosts are authorized to sign faculty contracts, and only the President and the Chief Human Resources Officer are authorized to sign employment agreements for staff. 
  2. Residential leases in which the University is the landlord, and Conference Services agreements may be signed by the appropriate senior manager as delegated in writing by the Senior Vice President for Capital Planning and Campus Management.

C.  CONTRACT REVIEW & DOCUMENT RETENTION REQUIREMENTS

For all agreements/contracts up to $150,000 (received or paid during the term of the contract), the appropriate Authorized Officer:

  1. must review and approve the business terms of the agreement/contract;
  2. has the discretion to seek the review of the legal, financial and/or insurance terms;
  3. must obtain signed copies (both parties) of all such agreements/contracts;
  4. must maintain copies of all such signed agreements/contracts in department files; and 
  5. in the case of any exclusive provider and sponsorship arrangements, must seek review of the Finance Department.

For all agreements/contracts between $150,000 to 250,000 (received or paid during the term of the contract), the appropriate Authorized Officer:

  1. must review and approve the business terms of the agreement/contract;
  2. has the discretion to seek the review of the legal, financial and/or insurance terms;
  3. must obtain signed copies (both parties) of all such agreements/contracts;
  4. must upload copies of all such agreements/contracts into the central contract repository; and 
  5. in the case of any exclusive provider and sponsorship arrangements, must seek review of the Finance Department.

For all agreements/contracts over $250,000 (received or paid during the term of the contract), the appropriate Authorized Officer must meet the following requirements prior to signing any agreements unless there is an exception as set forth below:

  1. the appropriate Authorized Officer must review and approve the business terms of the agreement/contract; 
  2. the Finance Department must review the financial terms of the agreement/contract; 
  3. the Office of the General Counsel must review the legal terms of the agreement/contract; 
  4. the Insurance Department must review the insurance terms of the agreement/contract; 
  5. the appropriate Authorized Officer must obtain signed copies (both parties) of all such agreements/contracts; and
  6. the appropriate Authorized Officer must upload copies of all such agreements into the central contract repository.

Contract Review Requirement Exceptions:
The following types of agreements/contracts of $250,000 or more do not require review by the Office of the General Counsel or Insurance:

  1. form contracts that have been reviewed and pre-approved by the Office of the General Counsel; and
  2. renewals of contracts with the same parties and the same terms where legal and insurance review has been provided on the original contract. 

D.  RETENTION OF SIGNED CONTRACTS/CONTRACT REPOSITORY REQUIREMENTS & EXCEPTIONS

Except for signed employment agreements and faculty contracts, all signed agreements and contracts which involve a financial commitment of $150,000 or more (received or paid during the term of the contract), regardless of whether they are subject to the review requirements, must be uploaded by the Authorized Officer responsible for the agreement to the central repository for retention immediately after the agreement is signed by both parties. Signed employment agreements for faculty will be retained by the respective Provost’s Office and signed employment agreements for staff will be retained by the Human Resources Department.

E.  COMPLIANCE WITH UNIVERSITY PURCHASING POLICY

Every effort should be made to comply with the Loyola University Chicago Purchasing Policy, comprised of four component parts as detailed below: (1) Purchasing, (2) Competition, (3) Conflict of Interest & Buying Ethics, and (4) Small Business Utilization (Disadvantaged, Women-Owned, Veteran-Owned, Service Disabled Veteran-owned and HUBZone Business Enterprises). The policy can be found at http://www.luc.edu/purchasing/purch-policy.shtml.


NO PAYMENTS AUTHORIZED: No payment will be authorized for any agreement or contract which is not signed and which does not otherwise meet the requirements of this Contract Policy.

The appropriate Authorized Officer will be accountable for the final terms of all agreements/
contracts they enter into and for ensuring that all agreements and contracts within their respective areas of responsibility meet the requirements of this Contract Policy.


Effective: May 7, 2013

Approved by the President's Cabinet and the President of Loyola University Chicago

Loyola

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