Contracts and Contracts Management
Contracts define the terms and conditions under which goods, services, or other considerations of value are exchanged between parties. At Babson, contracts and contracts management are governed by the College’s Contracting Policies and Procedures.
The College requires a written contract (which includes a purchase order) for the purchase of goods or services or for the use of College facilities or resources when the arrangement involves a significant risk or potential liability that needs to be allocated between the parties, or involves a situation where the duties and responsibilities of the parties need to be spelled out in writing.
In general, Babson requires written contracts for the following:
- Provision of services, facilities, or other resources by the College to third parties.
- Purchase of goods valued at more than $10,000.
- Purchase of services to be provided on campus, including entertainment services.
- Purchase of services provided off campus if the arrangement involves any significant risk or liability that needs to be allocated, involves a situation where the duties and responsibilities of the parties need to be spelled out in writing, or when other specific concerns, such as ownership of work, need to be addressed.
If there is any question about the need for a written contract, the contract initiator should consult the Risk Manager or General Counsel.
Contract Types and Templates
Different types of agreements call for different contract terms and conditions. In general, Babson uses the following agreement types for the purchase or provision of goods and services:
For guidance, see Agreement Types and When to Use Them.
Consult the Risk Manager or General Counsel with questions about the appropriate agreement type.
Babson’s Contracting Policies and Procedures delineate other requirements and guidelines for written contracts, as well as approval procedures. These include:
- Required clauses and clauses not permitted or requiring additional approval
- Signature authority
- Agreements requiring additional review
- Exceptions, Conflicts of Interest, etc.
Liability Releases (Waivers)
Waivers and releases are agreements through which individuals agree to release Babson from liability arising out of the actions of the College, even if the College is somehow negligent. Babson requires a liability release if an activity is voluntary (including athletic and recreational activities) and involves the risk of injury or loss, or involves international travel.
Below are the forms and instructions for Liability Releases.