Regents' Policies Relating to Contracts
> Legal Review of Contracts Policy
> Reservation and Delegation of Authority
Legal Review of Contracts Policy and Internal Controls Policy
In 1998, the Board of Regents adopted the Internal Controls policy and the Legal Review of Contracts and Agreements policy.
Together they require the Office of the
General Counsel (OGC) to develop and implement an appropriate framework
of internal controls to evaluate and protect the University's interest
in the
execution of contracts. The Internal Controls policy requires:
(1) University activities and operations to function effectively and efficiently;
(2) compliance with laws, regulations, and University policies and standards;
(3) processes that provide accurate and reliable financial information and reports;
(4) adequate protection of University resources; and
(5) identification and mitigation at the appropriate level of
traditional and emerging operational, financial, and compliance risks.
The Legal Review of Contracts and Agreements policy requires the OGC to ensure:
(1) contracts comply with applicable federal and state laws and regulations, and University policies and procedures;
(2) contracts be properly executed by a person having authority;
(3) significant or unique legal risks be brought to the attention of the person authorized to execute the contract;
(4) routine contractual obligations of the University be undertaken using the appropriate legal form; and
(5) individual contracts that are subject to specific approval by the
Board of Regents or the president be reviewed and approved as to form
and legality by the general counsel.
This Web site constitutes part of the implementation of these Regents' policies.
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Reservation and Delegation of Authority
Board of Regents' Reservation and Delegation of Authority policy,
adopted April 5, 2001, delegates to the President the authority to
execute certain contracts on behalf of the
Regents. The President has sub-delegated his authority to certain named
University officials. No other officers, officials or employees of the
University may enter into contracts on
behalf of the Regents of the University of Minnesota.
If you are not sure about your authority to sign a contract, please
contact OGC, Transactional Law Services Group, 612-624-4100.
Even if appropriate for a Standard Contract, any contractual transaction that conflicts
with any or all of the following shall be brought to the attention of the OGC:
(1) provisions of the University Charter
and the Constitution of the State of
Minnesota;
(2) provisions of the Board of Regents' Bylaws;
(3) provisions of the Board of Regents' policies and directives,
specifically including
Reservations of Authority (PDF); and
(4) the authority and role of the Board of Regents, including its
fiduciary, oversight, and public accountability responsibilities.
There is no authority to sign such contracts without prior Board of Regents' approval.
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