Policy FN11 CONTRACTS AND LEASES

Policy Steward:  Office of the Corporate Controller

Contents:

  • Purpose
  • Scope and Authority
  • Limited Delegation of Signature Authority
  • Further Information

  • PURPOSE:

    To state the authority for signing contractual documents which include, but are not limited to: agreements, contracts, leases (for real estate or equipment), construction documents, entertainment industry contracts, academic affiliation and research collaboration agreements, and agreements for the utilization of non-Penn State property.

    SCOPE AND AUTHORITY:

    Except as stated under LIMITED DELEGATION OF SIGNATURE AUTHORITY below, all contractual documents, must be signed by one of the following University officials as authorized by the Board of Trustees to contractually bind the University:

    President, Vice President, Secretary, Treasurer, Assistant Treasurer (Board Officers), and Senior Vice President for Finance and Business, and the Corporate Controller (University Officers). In addition, for all agreements and contracts related to the affairs of the Milton S. Hershey Medical Center, the Associate Vice President for Finance and Corporate Controller, and in his/her absence, the Associate Controller.

    LIMITED DELEGATION OF SIGNATURE AUTHORITY:

    As expressly authorized by the Board of Trustees, the Treasurer, or in his/her absence, the Senior Vice President for Finance and Business may delegate in writing to such employees of the Corporation as they may deem appropriate, the authority to execute and acknowledge on behalf of the University's standardized agreements and contracts for which those employees have administrative responsibility. These delegations (except for the Milton S. Hershey Medical Center) are detailed in Financial Guideline #2.

    FURTHER INFORMATION:

    For questions, additional detail, or to request changes to this policy, please contact the Office of the Corporate Controller.


    Effective Date: October 22, 2001
    Date Approved: October 22, 2001
    Date Published: October 22, 2001 (Editorial changes- June 25, 2014)

    Most recent changes:

    Revision History (and effective dates):

    | top of this policy | GURU policy menu | GURU policy search | GURU home | GURU Tech Support | Privacy and Legal Statement | Penn State website |