An agreement is not binding on the university or its units unless it is signed by a person with appropriate authority. Except in an emergency, verbal agreements are not permitted and will not be recognized or respected by the university. Contracts signed by agents or other agents without a competent contracting authority may be considered null and void. Persons in such circumstances may be held personally liable for these agreements and for any damage suffered by the University. It is in everyone`s interest to have contracts signed only by authorized university officials. Colleges and campuses may have additional internal approval processes to propose international cooperation agreements. Faculty members should contact the director of international programs at the college or campus to clarify internal policies. In general, international cooperation agreements should not contain logos or trademarks. If an exception is to be made, Global Programs is responsible for coordinating with the Penn State Department of University Publications to ensure compliance with the university`s visual and graphic identity standards. Except for transactions the terms of which are expressly set forth or approved in this Agreement or in any approved agreement, neither the general partner nor any other Hines affiliate may engage in a material transaction with the partnership or fund company, unless the terms of such transaction have been approved by the Advisory Committee and the Managing Partner.
Simply put, each transaction must have a corresponding legally binding document, paper or digital. The subject matter expert, often a seller, includes all the terms negotiated by both parties to create a document detailing the agreement reached. Many organizations have policies in place that support the creation of contracts. Deadlines and accelerated agreements: If there is a deadline for the agreement (for example. B a planned signing ceremony), Global Programmes should be informed of this deadline as soon as possible. In general, agreements are not expedited unless there is a strong rationale (e.g., .B. the terms of the contract have already been reviewed by all parties and Penn State offices and/or relate to a strategic partner with whom a long-standing relationship already exists). Depending on the scope and complexity of the agreement, lawyers may be consulted to ensure that the contract is strong and enforceable. But for many companies, the contract is ready to be reviewed by the external signatory.
The following is an example of a contract approval process. Your process is probably different, which is why Integrify allows you to customize the workflow to meet your business needs. Use our drag-and-drop process builder to add tasks, approvers, logical steps, integration, and everything else you need to make your process compliant and efficient. Global Programs stores an original fully signed version in a central contract database for academic reports. Signing Ceremonies: Signing ceremonies are not recommended unless the agreement is of great strategic importance to the University. Colleges/campuses are responsible for organizing a signing ceremony. Global programmes should be notified of the date as soon as possible. Global Programs sends the final version of the draft contract to Risk Management for approval. Once a document has been reviewed and approved by the contract initiator and the contract administrator, it must be handed over to the General Counsel for legal review. The General Counsel is often not familiar with the subject matter of the contract and has generally not been involved in negotiating the terms of the proposed contract.
Therefore, when submitting a contract document and contract submission form to the General Counsel, make sure you comply with any terms that you are unsure of or wish to change or discuss. Also identify the terms that the contract initiator or contract administrator tried to negotiate without success. The General Counsel may have questions to ask the contractor or contract administrator about, the parties or the terms of the proposed agreement and may also propose additional or alternative contractual language that is in the best interests of the university. At the end of the legal review, the Advocate General signs the contract submission form and forwards the package to the appropriate signatory or returns the contract to the contract initiator for further processing. Over the course of an academic year, Samford`s faculty, administration, and student organizations generate hundreds, if not thousands, of contracts. The successful negotiation, preparation and signing of these contracts requires the diligent engagement of many members of the Samford community. The interests of the university are best served when staff and faculty follow the guidelines for the approval and execution of contracts. .