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Contract: Any agreement, written or oral, that creates an obligation, right, or liability for the University. An agreement may be a binding contract even though one party provides something of value to the other party at no charge. This policy applies to an initial contract and all amendments, renewals, or extensions of such contract.
Purchase Order: A legal document issued by the University's Purchasing and Travel Department to a supplier which describes product specifications or scope of work, quantities, and agreed upon prices for products or services will provide. Once accepted, this forms a contract which is generally short term in nature to supply the specified goods and services. It contains standard terms and conditions reviewed and approved by Purchasing and Legal Counsel.
The authority to execute contracts is vested in the officers of the university by the Board. The officers may delegate specific authority to others as required to effectively conduct the business of the university. Delegation of such authority shall be done in writing and be included in the appropriate procedures of the department. Purchasing will be included in all contract negotiations unless a specific exception has been approved by an officer of the university.
Purchasing is authorized to execute purchase orders according to established purchasing policies and procedures against approved budgets and projects in response to requisitions from authorized account stewards. Purchase orders in excess of $90,000 require the specific approval of an officer of the corporation. Purchasing and Travel employees shall have documented signing limits for purchases at or under $90,000.
All contracts negotiated by the Purchasing Department that fall outside of the standard purchase order process in excess of $25,000 require the signature of an officer of the university.
See detailed procedures at http://www.byui.edu/financial-services/purchasing-policies.