In order to achieve the strongest contract possible and provide legal protection to the university and to university employees, students and guests, Risk Services is responsible for reviewing all contracts, agreements, leases and memoranda of understanding (MOU) that are valued over $10,000 or where the risk is high or unassessed, where the university’s liability is not limited and/or the university is indemnifying the individual or vendor for all charges and liabilities. In addition, Risk Services must review any agreements that require PLU to share university data, access to data, or that outline insurance requirements. Please allow adequate time (minimum of 30 days start to finish) and follow the process listed below:
Process for Review:
- Complete the Contract Review and Approval Form, Contract Checklist and submit to Risk Services with the contract and any additional supporting documentation.
- Risk Services and any impacted departments review the contract/agreement.
- Risk Services will contact the Department point of contact if changes need to be made to the contract language.
- Risk Services has contract signed by Authorized Signatory and returns to Department.
- Department is responsible for providing Risk Services with the fully-executed agreement and submitting any required purchase orders.
Please contact Risk Services at x7116 or email@example.com if you have any questions or concerns.
What is considered a contract?
A contract is an agreement between two entities which serves as legal protection for both parties involved. Contracts are sometimes labeled as a Service Agreement, Terms of Service, Memorandum of Understanding, Memorandum of Agreement, Statement of Understanding, Facilities Use Agreement, Lease Agreement, etc.