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Agreement - Letter of Understanding - Commitment Letter - Lease - Option - License - Letter of Intent - Insurance Policy - Appointment Letter.

What do these terms have in common? They are all contracts. Ferris State University enters into hundreds of contracts each year to receive goods or services or to provide services. You or your department have likely originated or worked on a contract in some shape or form. Because of this, it is important that you have a basic understanding of contracts and Board of Trustees and University policies that govern them. There are a number of policies that address such issues as who has authority to enter into contracts, when legal or risk management review is required, when supervisor approval is necessary, or when Board of Trustees' approval is mandated.

Because the University enters into so many contracts each year and because so many employees are involved in the process at one point or another, this edition of McKessy House News is devoted solely to contracts. This edition will give you a basic understanding of contracts, points to ponder when reviewing, negotiating, or drafting contracts, and identifying Board of Trustees and University policies that govern them.