“Contract” means any legally binding agreement between two or more parties, which commit the resources of the University or create obligations on behalf of the University. “Commitment Approval Authority” means the authority to commit the University to legally binding contracts with external parties. staff, faculty, administrative officers, both full‐ and part‐time) are required to review and comply with this policy. Persons exercising signing authority must ensure that all requisite approvals, whether by the Board or its designee(s), have been obtained prior to execution, or that execution is expressly subject toįurther, this policy does not replace, in whole or in any part, the policies and methods for procuring goods or services, or capital projects, under the University’s Procurement Policy.Īll Montclair State University employees (i.e. Nothing in this policy limits the authority of the Board of Trustees. This policy applies to all contracts, commitments or other obligations to which the University is a party and to all funds administered by the University. University business is conducted in a manner consistent with standards of financial accountabilityĪnd control of public funds entrusted to Montclair State University in accordance with allĪpplicable laws, regulations, and policies.Transactions and commitments are only entered into with proper approvals and.Responsibilities and duties of those with Approval Authority are clearly communicated and understood.Approval Authorities are clearly assigned and properly approved.The purpose of this policy is to ensure that: (sometimes referred to as check signing authority). Disbursements of funds to outside parties, by check, electronic funds transfer, wire transfer, etc.Requisitions and approvals to expend budgeted resources and.Execution of contracts or other agreements that bind the University.This policy establishes guidelines for Approval Authority for the following University commitments and transactions: Policy Contact or view a PDF of this policy I.
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