Contract Review
In accordance with Regents' Business & Finance Bulletin BUS-63, the Office of Risk Services reviews and approves the insurance and indemnification language in all campus contracts. (CLICK HERE to learn more about the campus contracting process.)
Who Can Sign Contracts
Unless you have delegated authority, you MAY NOT sign contracts!
Here is a list of offices delegated to sign the most common types of contracts on behalf of The Regents:
| Type of Contract | Delegated Authority |
|---|---|
| Direct-to-Vendor Requisitions (low-value purchases) | Departmental Business Officers |
| All Other Purchase Orders | Supply Chain Management |
| Business Contracts | Business Contracts and Brand Protection |
| Affiliation Agreements with Other Academic Institutions | Executive Vice Chancellor & Provost |
| Construction Contracts | Real Estate Capital Strategies Contract Administration |
| Research Contracts with Government Entities and Private Non-Profits | Sponsored Projects |
| Research Contracts with Private Commercial Entities | Industry Alliances |
| Leases and Facility Use Permits | Real Estate Development & Portfolio |
| Travel and Entertainment Contracts | Supply Chain Management |
Waiving the Insurance Requirements in Contracts
Overview
The University engages with vendors, consultants, and contractors for various goods and services, creating inherent liability risks. Per Business & Finance Bulletin BUS-63, vendors must submit a Certificate of Insurance (COI) before commencing work, unless they have received a waiver as described below. The COI must verify that the vendor possesses adequate coverage, liability limits, and the financial capacity to indemnify the University against claims resulting from their negligence.
Low-Risk Waivers & The MOU
To streamline the procurement purchase process and reduce administrative burden, the Office of Risk Services (Risk Services) and Supply Chain Management (SCM) have established a Memorandum of Understanding (MOU). The MOU identifies specific low-risk, routine goods or services that qualify for an insurance waiver based on an assessment of the likelihood, frequency, and severity of the risk exposure to the University.
Ongoing Updates
Risk Services and SCM will review procurement data annually to assess the risk of additional goods and services, updating the MOU table accordingly.
Important Note on Applicability
The MOU waiver applies strictly to purchase agreements. It does not apply to insurance requirements in Business Contracts or Research Agreements. Only Risk Services has the authority to reduce or waive insurance requirements in these contracts. For questions regarding contracts, please work with your Contract Analyst, who will coordinate with Risk Services.