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 follow the process listed below:
Process for Review:
- Complete the Contract Review and Approval Form and submit to Director of Risk Services
- Risk Services submits contracts to PC for review and approval. (This will occur every two weeks.)
- Risk Services notifies department of approval.
- Department submits contract, supporting documentation and Contract Checklist to Risk Services.
- Risk Services and any impacted departments review the agreement.
- Risk Services has contract signed 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 firstname.lastname@example.org 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.