The University has a procedure to outline the process, and responsibilities of those on campus engaged in contracting.
A contract includes any agreement made by or on behalf of the university in which legally binding or non-binding commitments are made by and/or to the university. Other terms that are sometimes used in place of "contract" include lease; guarantee; letter of intent or understanding; terms and conditions; memorandum of agreement, understanding or settlement; waiver; release. Contracts can take the form of a one-page letter agreement, as well as lengthier contracts which govern multiple transactions taking place over time. Money does not have to be exchanged in order for parties to create an enforceable contract.
If you are wondering about a simple contract for goods or services, what to do with it, who should sign it, here are the briefing notes taken from the procedure:
- All uWaterloo contracts should have at a minimum, two signatures: a representative of the department who requires the goods and/or services, and another from Procurement & Contract Services.
- Objectives of the two-signature requirement:
- to ensure that the department is aware of what they are requesting and any subsequent demands, requirements or costs that may be imposed on the department.
- ensure that the University of Waterloo is protected on a broad level from carelessness, from taking on unwarranted liability, and to ensure the basic elements of a good contract are contained in the agreement.
Procurement & Contracts Services has access to various levels of expertise to ensure proper insurance, legal expertise and signing authority is applied as each particular contract requires.
Following the procedure ideally ensures the University receives the goods and services it requires, and it protects our employees and the University from incurring unnecessary liability.
Procurement & Contracts Contract Coordinator:
David Okorogba email@example.com or 519-888-4567, ext 32858.