Purchasing Services, Research Services Office, Industry Liaison Office, and Corporate Administration provide primary support in their respective subject areas to contract proponents.
The Signing Authority Policy sets out a six point due diligence exercise to ensure that:
At minimum, a contract and a duplicate original should be submitted for signature. Before it is submitted for execution, the Dean/Director of the College/Department** should endorse it pursuant to the Signing Authority Policy to verify:
Part E of the Policy lists University Signing Authority delegates authorized to sign contracts not requiring a Board of Governors resolution. After signatures are obtained, the University seal (located in Room 212, College Building) should be affixed.
It is recommended that contract proponents submit contracts for endorsement and execution under a due diligence document which assists to confirm compliance with the Signing Authority Policy.
With the approval of the Unit/Department head and Vice-President (Finance & Resources), the due diligence document can be adapted to better suit the needs of a College/Department.
NOTE: Contract proponents are responsible for appropriate distribution of copies of signed contracts, for example:
Financial Reporting (FSD) requires copies of all contracts providing revenues or grants to the University. Institutional Reporting (FSD) requires copies (or suitable report) of contracts where an asset or liability needs to be recorded as a result of a derivative or embedded derivative:
- Derivative - is a contract involving a value that changes with an underlying variable, requires little or no initial net investment, and is settled at a future date.
- Embedded Derivitive - is a feature in a contact that causes some or all of the cash flows required by the contract to be modified (e.g. according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or other variable).
For further information concerning derivatives, contact Sandra Baptiste.