Revised on
01/04/16 03:39pm

Contract Review

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Per Policy BFB-BUS-63: Insurance Requirements and Certificates of Insurance, Risk Management reviews and approves the insurance and indemnification language in campus contracts. Unless you have delegated authority you cannot sign a contract on behalf of the University. Contracts can take the form of purchase orders, waivers, permits, leases, memorandums of understanding (MOU), grants, applications, agreements, charters and just about any other kind of written agreement that contains terms and conditions that obligate the Regents. 

BFB-BUS-63: Insurance Requirements and Certificates of Insurance recommends specific types of insurance coverage and minimum limits when the University enters into agreements with outside contractors, consultants, vendors, or facility users. Risk Management can work with departments to develop appropriate coverages for instances not specifically addressed in the policy. On a case-by-case basis, after risk analysis and evaluation, the campus Risk Manager may modify insurance requirements. Such review can lead to a determination that risks are low and requirements may be lowered or eliminated or, the converse that risks are high and higher limits are appropriate.