Contract Review, Approval and Signing Authority
Authorized Signers of the College
Policy Approved By
Cabinet/Board of Trustees
Responsible Division Head or VP
Contract Owner/Contract Relationships Owner
Responsible AVP or Director
Original Policy Date
Last Known Revision Date
Current Policy Effective Date
Recommended Policy Review Date
10/17/2021 Internal review
Policy Applies To
Reference: Information Retention Policy and Contracts Procedure
This document sets forth the guiding principles for contract review, approval, and execution.
Given the role of Albright’s administrators and the need for contracted goods and services, creating a policy for guidance is essential for the betterment of all involved. The workflow understanding was not formally written in years’ past.
Designated Senior Level Administrators that have been granted signing authority by the Board of Trustees to conduct business on behalf of the institution.
The contract owner is the representative who brought forth the contract for consideration, in circumstances where the contract is an Albright template, the owner would be the Albright employee who shared the contract to an individual/sole proprietor, corporation, partnership, or limited liability company
Contract Relationship Owner
Under circumstances when the company has supplied the contract, the role of contract owner falls on the company and the Albright requestor assumes the role as Contract Relationship Owner.
Conflict of Interest
Situations in which Covered Individuals have interests or relationships, including a financial interest or a personal or Business Relationship the might reasonably be construed to affect their independent, unbiased judgement when making or participating in the making of decisions on behalf of the Institution where such decisions will or could materially benefit them directly, indirectly or their family.
Employees or volunteers, and their family members, of the institution that may serve as an officer, director, employee, partner, trustee, and controlling stockholder of an organization that does or is about to do substantial business with the Institution.
Identified funding source within the department or division responsible for payment of the contracted goods and/or services. This should be allocated within the budget for each year.
Consultation with an attorney is required in certain contracts and should be reviewed if there is any question to the contractual language not already revised by the Insurance review with EIIA given the local and state laws for Pennsylvania
Forecast, identify, evaluate and control the risk included in the potential problems before they occur. Main types of risk are strategic, compliance, operational, financial, and reputational.
Vendor Relationship Disclosure
Disclosure by a Covered Individual or from a business in which Covered Individual owns a 10% or greater interest. A Family Member of a Covered Individual or from a business in which a Covered Individual’s Family Member owns a 10% or greater interest.
ASSOCIATED PROCEDURES LOCATION
Contracts Approval and Signing Procedure, draft 03.24.2020
Information Retention Policy
DATE OF REVISION
(Note: electronic copies of the former versions of the policy must be maintained within the unit, department, or division)
Board of Trustees Meeting – motion passed
Audit & Risk Board Committee – motion passed
Finance Board Committee – motion passed
IMPLEMENTATION PLAN – For decision-making purposes only. This will not appear in the Final Policy that is posted to the Policy Repository.
The implementation plan may include a timeline, plan for communications to campus, and any necessary training essential for the rollout of the policy.
DECISION – For decision-making purposes only. This will not appear in the Final Policy that is posted to the Policy Repository.
Date of Draft Policy Review
Name of Reviewing Committee/Individual
Board of Trustees, Finance Committee, and Audit & Risk Committee
Comments: Required Board of Trustee approval
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Date Draft Tabled or Further Review Needed (provide comments including plan for re-submission)
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