Business Contracts’ Responsibilities
Business Contracts provides administrative support to the Sr. Vice President and Chief Financial Officer for the review, approval, and execution of business contracts required for the:
- procurement of services for The University of Texas at Austin.
- provision of services by The University of Texas at Austin.
Our goal is to support the educational and research missions of the University by facilitating the execution of business contracts while ensuring compliance with Board of Regents' Rules and Regulations and University, state, and federal laws, policies, and procedures.
Departments should ensure that all University policies and procedures including purchasing requirements are met prior to submitting a contract for review and signature. The contractor should not be authorized to proceed, nor should payment be approved, until the contract is fully executed (signed by all parties).
As the departmental administrator for this contract, your responsibilities include, but may not be limited to, the following:
- returning a fully executed agreement to Business Contracts.
- verifying that the contractor or vendor complies with all of the terms and conditions of the agreement.
- ensuring that all services have been received to your specification prior to authorizing payment.
- ensuring that all revenue generated pursuant to the terms of the business contract is received and deposited into an appropriate University account.
- contacting Account Creation and Control to establish an appropriate University account if necessary.
- ensuring the collection, review, and maintenance of any required certificates of insurance, worker's compensation insurance, and performance bond.
The contractor should not be authorized to proceed until you have received and verified the accuracy and authenticity of current and adequate certificates of insurance, worker's compensation insurance, and a performance bond if required. The originals of these documents should be maintained in your departmental files. Procedures should also be established to track renewal dates in order to ensure that you receive evidence of renewals on a timely basis.