Does the Agreement serve a valid purpose such as reduce risks to the University, lock in scope, resources or timeframe of a particular project?ĥ. Has the capacity of the other party to the Agreement to meet its contractual requirements been considered?Ĭonsider other party’s capacity to meet the Agreement terms and conditionsĤ. Is the Agreement necessary in order for the University to receive the intended benefits?Ĭonsider necessity of entering into the Agreement if this lessens risk overallģ. Has an Agreement Manager been appointed for this Agreement?Īppoint an Agreement Manager (refer to section 7)Ģ. The Agreement Manager (refer to section 7) must ensure the Contract Approval Cover Sheet is completed, signed and provided to the appropriately delegated officer with responsibility to execute the Agreement. Managing risk in University agreementsĤ.1 The following table is provided to assist in managing the risks in executing an Agreement on behalf of the University. Deed, Contract or Memorandum of Understanding, to ensure the appropriate procedures are followed. University agreementsģ.1 It is vital that there is a clear understanding of the type of Agreement that is being entered into, i.e. An MOU may lead to the development of separate contracts with legal intent. Memorandum of Understanding (MOU) means a document that is intended to formalise the terms of a relationship, arrangement or understanding between the University and another party, but unless otherwise specified is not intended to be legally binding on either party. If the University Seal is required to be used for execution purposes it must be used and affixed to a deed in accordance with the University’s Use of the University Seal – Governing Policy. Execution of an Agreement as a deed may occur under seal or by signing and delivery by a duly authorised signatory and ensures that the specified terms and conditions are legally enforceable, even in the absence of consideration. licences) or for the provision of funding.ĭeed means a form of legally binding agreement that requires a high degree of formality for its creation. Contracts generally articulate business relationships for the acquisition or supply of goods or services, for the exploitation or transfer of intellectual property rights (e.g. Terms and definitions identified below are specific to these procedures and are critical to its effectiveness:Īgreement includes each of Contracts, Deeds and MOUs.Ĭontract means an agreement between parties intended to have legal significance and involving the transfer of consideration (that is, value – financial or some other type of benefit - flowing from the beneficiary of the transaction). Please refer to the University’s Glossary of Terms for policies and procedures.
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