Contract Management and Signature Policy

As a result of the continued growth of the University, and in an effort to comply with current audit recommendations, the following policy regarding the signature and management of University contracts has been established.

1. No individual, except the President, Sr. Vice President for Business, Finance and Technology, Director of Purchasing or persons specifically authorized by these individuals has the authority to enter into purchase contracts, or in any way obligate Elon University for procurement indebtedness. Any other commitments are considered unauthorized purchases and the individual may encounter a personal obligation to the Supplier.

2. Unsigned contracts should be submitted to the Purchasing department at 2950 Campus Box along with the completed Contract Approval Cover Sheet.  The Contract Review Cover Sheet ensures the contract has received proper departmental approval including the account number.  If the completed Contract Review Cover Sheet is not attached, the contract will be returned to the originator.

3. Director of Purchasing determines the appropriate contract signature requirement based on type of contract and established signature criteria.

4. After the contract has been signed by the appropriate Elon University representative, Purchasing will send the contract to the vendor for execution.

5. Purchasing will maintain an electronic copy of the executed contract.  Purchasing maintains the central repository for all contracts.

6. Purchasing will send a copy of the executed contract to the initiating department.

7. The initiating department is responsible for executing contract requirements as well as monitoring expiration date(s) and initiating renewal if applicable.

8. In the event the vendor breaches any contract requirements, the initiating department should notify Purchasing to determine the appropriate action to be taken.


Contract Approval Cover Sheet