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Contracts General Process and Timing
1. General Process.
If it is suspected that a project may result in a contract, buyers and those involved in the contract review process must be aware of the following process:
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Confirm that all procurement rules and regulations have been or will be met.
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Form of payment must be established and finalized at the procurement stage.
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Initiate the appropriate contract classification as per the General Counsel Checklist applicable to all contracts.
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Standard UT System contract templates should be utilized whenever possible. The sample contract should be included during the solicitation phase.
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If on the other hand, a vendor responds to a solicitation with their own contract or terms and conditions, contact the Contract Coordinator for advice on which contracts processing method to follow.
2. Timing.
Make sure that time lines are clear to the end user(s) and all individuals involved:
- Minor contracts - Allow for a minimum of five to seven days for review of these standard contracts which typically range from one to five pages in length.
- Negotiation time - If negotiation is necessary, the time required for completion of negotiation phase is variable depending on the time required for contracts processing at vendors' offices. As a rule of thumb, allow at least one month for processing of more complex contracts.
- Finalization of contract - This phase includes routing original copies of the contracts for signatures and distribution of copies to vendor and department. This is normally completed within four to seven working days.
3. Additional Considerations.
- Projects resulting in a formally executed contract do not require the issuance of a Purchase Order, except to ensure payment. The Purchase Order number will be referenced on all payments.
- All amendments to contracts that involve a change in payment should be tracked for financial information.
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