Introduction:
Contracts are legally binding agreements between North Idaho College and another individual or agency.
Process:
The Board of Trustees has delegated the authority to sign contracts, leases and grants only to the President. The President has further delegated that authority to the Vice President for Finance and Business Affairs. Other employees may not approve or sign contracts, leases or grants. To sign a contract, lease or grant when not authorized may make the employee personally liable for the conditions in that document. If an employee has been empowered as “Acting President” or “Acting Vice President for Finance and Business Affairs”, they may also be empowered to sign contracts, leases and grants.
Contract/Lease Approval Request:
- When requesting signature approval of a contract or lease, include instructions as to the requestor’s name, department and budget that will fund the contract.
- For contracts and leases requiring two parties to sign, two originals will be prepared for signature approval.
Certificates of Insurance:
A Certificate of Insurance may be required for the contract or lease, as determined by the Vice President for Finance and Business Affairs. Certificates of Insurance are to be returned to the Executive Assistant to the Vice President for Finance and Business Affairs.
Once Contract/Lease is Signed:
- Fully-executed original contracts are to be returned to the Executive Assistant to the Vice President for Finance and Business Affairs.
- Once all contract documents have been received, a copy will be sent to the requestor, noting approval to proceed with payment request.
- The original contract or lease will be filed in the Vice President for Finance and Business Affairs files.
Payment on Contracts and Leases:
- Work may not start on any project nor is payment to be requested until a fully executed contract and all requested documents have been received by the Executive Assistant to the Vice President for Finance and Business Affairs. A copy of the fully executed contract will be sent to requestor or budget officer.
- Requestor’s copy of the signed contract must be attached to the payment request. Terms of payment on the payment request must match any contract specifications unless change is authorized by the Vice President for Finance and Business Affairs.