The purpose of the Due Diligence Document is to assure those who are requested to endorse and execute contracts that the due diligence exercise described in the Signing Authority Policy has been followed. A prototype Due Diligence Document has been developed. The use of the Due Diligence Document should make the execution process more efficient.
The Due Diligence Document can be filled out manually. For straightforward contracts, most of the applicable boxes to fill in will be on the left side of the document. The Due Diligence Document should be signed by the person who was tasked with the duty of ensuring the contract was developed in accordance with the due diligence exercise desribed in the Signing Authority Policy.
The due diligence exercise includes providing an assurance that there is no conflict of interest and no conflicts with other contractual or legal obligations of the University.
It also includes undertaking appropriate internal consultations with the Units/Departments having an interest in the contract. The contact list includes e-mail addresses and telephone numbers for some of the units/departments the contract proponent may need to consult with. Consultations are recorded on the Due Diligence Document.
The Due Diligence Document is only mandatory when the senior administrator of the Unit/Department has made it a requirement for his/her Unit/Department. The form of the Due Diligence Document can be revised in consultation with the Vice President (Finance & Resources) to meet the specific needs of the Unit/Department.
After the contract is executed, the Due Diligence Document is to be housed in the records of the Unit/Department until potential actions in relation to the agreement are time-barred.