Payments Associated with Contractual Agreements
When a department enters into arrangements for the leasing of equipment, photocopiers, rent of space, etc., it is very important that the University not be put into a detrimental situation with respect to the terms and conditions of the contract. The guidelines in the Guide to Financial Management are pursuant to the Policy on Approval and Execution of Contracts and Documents.
Some specific guidelines to remember:
- Contracts and documents must be signed by those specifically identified under the above policy. Such contracts can be signed by other than those specifically identified in the policy only under expressed approval, a copy of which is to be maintained in the Governing Council Secretariat.
- The currency of a contract must generally match the currency of the country in which the supplier is located. For example, a lease with Canadian supplier must be in Canadian dollars.
Refer to Managing Risks – Insurance and Contracts of this guide for more information on handling contracts.
Last revision: March 31, 2006