Regents' Policies Relating to Contracts

Legal Review of Contracts Policy and Internal Controls Policy

In 1998, the Board of Regents adopted the Internal Control policy (PDF) and the Legal Review of Contracts and Transactions policy (PDF). Together they require the Office of the General Counsel (OGC) to develop and implement an appropriate framework of internal controls to evaluate and protect the University's interest in the execution of contracts.

The Internal Controls policy requires:

  1. University activities and operations to function effectively and efficiently;
  2. compliance with laws, regulations, and University policies and standards;
  3. processes that provide accurate and reliable financial information and reports;
  4. adequate protection of University resources; and
  5. identification and mitigation at the appropriate level of traditional and emerging operational, financial, and compliance risks.

The Legal Review of Contracts and Agreements policy requires the OGC to ensure:

  1. contracts comply with applicable federal and state laws and regulations, and University policies and procedures;
  2. contracts be properly executed by a person having authority;
  3. significant or unique legal risks be brought to the attention of the person authorized to execute the contract;
  4. routine contractual obligations of the University be undertaken using the appropriate legal form; and
  5. individual contracts that are subject to specific approval by the Board of Regents or the president be reviewed and approved as to form and legality by the general counsel.

This Web site constitutes part of the implementation of these Regents' policies.

Reservation and Delegation of Authority

Board of Regents' Reservation and Delegation of Authority policy, adopted April 5, 2001, delegates to the President the authority to execute certain contracts on behalf of the Regents. The President has sub-delegated his authority to certain named University officials. No other officers, officials or employees of the University may enter into contracts on behalf of the Regents of the University of Minnesota. If you are not sure about your authority to sign a contract, please contact OGC, Transactional Law Services Group, 612-624-4100.

Even if appropriate for a Standard Contract, any contractual transaction that conflicts with any or all of the following shall be brought to the attention of the OGC:

  1. provisions of the University Charter and Constitution of the State of Minnesota (PDF);
  2. provisions of the Board of Regents' Bylaws;
  3. provisions of the Board of Regents' policies and directives, specifically including Reservation and Delegation of Authority (PDF); and
  4. the authority and role of the Board of Regents, including its fiduciary, oversight, and public accountability responsibilities.

There is no authority to sign such contracts without prior Board of Regents' approval.

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Contracts