A business contract is a legally binding written agreement of a business or administrative nature, signed by an Officer of the Regents and an authorized vendor representative.

• A payment cannot be made to a vendor until a contract is signed by both parties (executed).

The campus enters into business contracts with vendors in the following situations:

• The terms and conditions of a purchase exceed the limits applicable to the use of a purchase order
• The law requires entering into a business contract for certain transactions, such as in the purchase of real property

Here are some examples of transactions requiring a business contract:

• Certain use agreements covering copyrighted works, such as software licenses; licenses to perform copyrighted plays and musical compositions;  or agreements whereby the University commissions a non-employee to develop copyrightable works
  Engagement involving performing artists who will be paid more than $500
• Engagement involving independent consultants
• Real estate property sales, purchases, leases, rentals
• Facility use agreements or use permits
• Other transactions involving specialized terms and conditions, where it is desirable to have representatives of both parties enter into a formal agreement.

The Business Contracts Office administers most non-real estate-related business contracts.

• Advises on the need to enter into a business contract
• Advises on making payment related to a business arrangement that appears to require a business contract, but for which no contract has been executed
• Prepares, reviews, and assists in negotiating agreements
• Reviews and amends contracts prepared and proposed by a vendor or third-party
• Coordinates efforts with the Office of General Counsel, Insurance & Risk Management, and other University resources, as needed

The Real Estate Office handles contracts involving real estate.

• Real estate property sales, purchases, leases, rentals
• Granting of easements and rights of way