Contract & Certificate of Insurance ManagementEvery year Baylor University, through faculty, staff and students enters into an untold number of contracts that focus on a wide array of activities, including outside services, and supplies, facilities use, construction, copyright, and research. Each of these contracts have the potential to result in unexpected financial harm to Baylor if faculty and staff involved in the contract negotiation process are not informed about appropriate management of contracts and Baylor's contracting policies and procedures. This webpage is intended to help Baylor avoid problems stemming from poor contract negotiation by helping non-legal faculty and staff to gain an understanding of contracting policies and procedures.
The following is a brief list of examples of weak contracting practices that have the potential to result in financial loss to any party to a contract.
Relying on an oral agreement when a written contract would have memorialized and clarified the rights and obligations of each party to the contract
Behaving in a way that implies a contract when none exists
Using a written agreement that lacks details or includes ambiguous terms
Entering into an agreement that cannot be performed as written or is onerous for the institution to perform
Signing a form contract offered by a vendor that would put the institution at a disadvantage if a problem arose
Failing to allow adequate time to negotiate the most favorable terms possible
Please see the "Contract Review, Execution & Administration" section of this webpage for information regarding Baylor's contracting policy.