7.8 Subject: SIGNATURE AUTHORITY FOR CONTRACTS
Adopted: September 12, 1996
Amended: March 10, 1997
Amended: December 6, 2007
Amended:  August 12, 2008

Applicability

This policy applies to all members of the Board of Regents, faculty, staff and students.

Policy

The Board must approve and an officer must sign the following types of contracts and documents:

1. Contracts between the President and the University
2. Bond resolution, notification and certification documents, including certification of bond sale
3. 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 for the operation of the University and may delegate this authority. The President's signature authority 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 President, or the Executive Vice President for Health Sciences as the designee, 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.

References

Appointment of the President of the University, RPM 1.4; Borrowing and Bonding Authority, RPM 7.10; UBPPM Policy 2010

Comments should be sent to BRPM@UNM.edu

Go to:
Table of Contents
Table of Contents - Section 7
Regents' Policy Manual Homepage

The University of New Mexico
Albuquerque, New Mexico