|
The
University of New Mexico |
7.8 Subject:
SIGNATURE AUTHORITY FOR CONTRACTS
Adopted: September 12, 1996
Amended: March 10, 1997
Amended: December 6, 2007
Amended: August 12, 2008
Amended: December 14,
2010
Applicability
This policy applies to all members of the Board of Regents, faculty, staff and students.
Policy
The Board of Regents must approve and an officer of the Board of Regents must sign the following types of contracts and documents, after due authorization by the Regents:
1. Contracts between the President and the University;
2. Contracts between the Chancellor for Health Sciences and
the University;
3. Bond resolution, notification and certification
documents, including certification of bond sale; and/or
4. Any contracts or other documents required by law to be signed by an
officer of the Board of Regents.
The Director of Purchasing or designee must sign contracts for the purchase of goods and services, and the authority to do so is hereby delegated.
The President shall have the authority to sign all other contracts and documents (other than contracts or agreements for the purchase of goods and services) for the operation of the University and may delegate this authority. The President's signature authority as set forth above includes the authority to execute certificates representing stocks, bonds, or other securities in order to buy, sell, assign, or endorse for transfer such securities. The President shall also have authority to require additional signatures on contracts for the purchase of goods and services.
It is the official policy of the University to avoid financial settlements of claims and lawsuits against the University except when appropriate. The University shall not agree to pay a financial settlement without (a) an appropriate risk assessment of the case, and (b) written approval by the cognizant Executive Vice President if the University's settlement payment obligation is less than $50,000 or written approval by the President if the University's payment obligations is $50,000 or more. A financial settlement payment by the University of $200,000 or more, must also be approved by the Board of Regents.
The Chancellor for Health Sciences is authorized to enter into affiliation agreements with other patient care facilities to provide educational opportunities.
The signature authority delegated in this policy must be exercised in accordance with other Regents' policies, some of which may require approval of the contract or other document by the Board of Regents.
References
Appointment of the President of the University, RPM
1.4; Borrowing and Bonding Authority, RPM
7.10; Health Sciences Center and Services RPM
3.4; UBPPM
Policy 2010
Comments should be sent to BRPM@UNM.edu
www.unm.edu/~brpm