There has been much confusion recently on the signing of contracts and when a legal review is required of contracts including our standard form contracts (PSA and ESA in particular).
TRU's Signing Policy Board policy BRD 02-1 provides for positions that are authorized to sign all contracts and at what value. Different types of contracts are authorized to different positions; please refer to each authorization for the authorized signatories for each type of contract.
The policy states that the person signing the contract should consult General Counsel prior to signing contracts. Provided that standard form contracts that have been approved by General Counsel and whose value is $30,000 or less may be signed without consulting General Counsel. Any contract other than a standard form contract approved by General Counsel and which involves a value over $5,000, or which is complex, has significant ramifications, or is unusual in any way must be referred to General Counsel.
- all ESAs and PSAs over $30,000 must receive a legal review.
- all non-standard contracts should receive legal review, however, all over $5,000 must receive a legal review - a Contract Review Request Form must be filled out and sent to email@example.com
Further information is available on the following subjects: