The following is a summary of the University's policy on contracts. The complete
policy can be found in section 3, Business & Support Operations of the Procedures Manual, which is available
in each department.
All contracts between the University and another party must be approved and executed by the cabinet member of the division in which the contract originates. A contract is any agreement, which is legally enforceable whether or not it is titled "contract," e.g., agreement, letter of agreement, memorandum of understanding.
All contracts must be in the name of Lake Superior State University, not in the name of an individual or department.
Any contract may be referred to legal counsel for review. Legal counsel must review a contract if any of the following apply:
- The value of the contract exceeds $50,000;
- The contract will last more than two years and has no provision for cancellation;
- There are indemnification, warranty, or guaranty provisions that are not thoroughly understood; or
- There are unusual provisions or language that is not thoroughly understood.
For more information contact Daretha Yeadon.