This policy establishes the authority for the University to approve and execute contracts. A “contract” is an agreement between two or more parties who intend to create legally enforceable obligations. There are many types and variations of contracts including, but not limited to: agreements, easements, grants, leases, letters of intent, licenses, memorandums of understanding, purchase orders, and terms and conditions.
This policy applies to any type of contract that binds the University and/or obligates the University to provide payment, services, goods, or use of university property, facilities or other resources, including any amendment, alteration, change, change order, correction, extension, modification, or renewal of a signed contract. No person has the authority to bind the University contractually except in accordance with this policy. An individual who signs a contract without having the authority to do so may be individually responsible for fulfilling the obligations required by the contract.
For Details, please see: MSU Policy & Procedures 2.24 President's Office, APPROVAL AND EXECUTION OF UNIVERSITY CONTRACTS Date Adopted/Most Recent Revision: 08/10/2012