Contracts are a form of risk management. They define the terms and conditions under which goods, services, or other considerations of value are exchanged among parties involved in a transaction.
The Purpose of Contracts
• Contracts state the obligations of the parties involved in the transaction, and the course of action should any of the parties fail to meet the stated and agreed upon obligations.
Contracts allocate the risk among the parties involved in a transaction based on which party is in the best position to manage the risk.
Click on the following links for information regarding the College’s contract management process.
Contact Procurement, Risk Management, or General Counsel’s Office if you have questions about contracts or contract management.