CONTRACTING

 

 

CONTRACT BASICS

Contracting Policies, Procedures and Templates (word format)

What is a Contract.

A contract is an exchange of promises that the law will enforce.  To create a legally enforceable contract, a promise must be given in exchange for consideration.  Consideration is a promise to give something of value, such a a monetary payment, goods, or services.

Indemnification and Hold Harmless language is a risk management tool.  Each contract should address who is responsible for third-party injuries arising out of the activites of the contract.  This is done generally by including a paragraph in the contract that addresses what each party is accepting through indemnification and hold harmless language.  For Example:

Each party to the agreement will remain responsible for losses caused by its own negligence.  Neither party transfers risk to the other, but rather each remain responsible for its own actions or omissions in the same way that each would if the agreement did not exist.

Training.  Contact the Insurance Office if you would like information on two free contracting webinars--each discuss in layman's terms the basics of contracts. 

Contracting Policies, Procedures and Templates (word format)

Certificate of Insurance Request Forms: (NOTE: A Certificate of Insurance Request form needs to be attached to the initial contract.  The other party needs to provide a copy of their Certificate of Insurance with their signed the contract.)

Preferred and Contracted Vendors List

University News
December 8, 2017
After a campaign season brimming with politicians and pundits, Drake students cast their votes at an exceptionally high rate in the 2016 presidential election.
×