1. I have received a contract from an outside party. How do I get it approved and signed by Unitec?
2. I need a contract drawn up for a party outside Unitec to sign with Unitec. What do I do?
3. How much time should I allow for this?
5. What is the process for getting contracts signed?
6. Who is responsible for managing the contract after both parties have signed?
1. I have received a contract from an outside party. How do I get it approved and signed by Unitec?
See Agreements Approval Process.
2. I need a contract drawn up for a party outside Unitec to sign with Unitec. What do I do?
See Agreements Approval Process.
3. How much time should I allow for this?
To review and comment on a contract prepared by an external party (including making amendments required by Unitec) allow at least 2 complete days;
To draft a contract from scratch – provided I have already met with you to discuss and clarify commercial aspects of the contract, allow at least 4 complete days;
To get the CEO and/or an Executive Director or Executive Dean to sign an approved contract, allow 2 days.
For 2 (or more) parties to enter into a contract requires them to complete this process:
Having everyone understanding and agreeing on all the aspects of the proposed arrangement (i.e. what’s the commercial deal?);
having a draft contract prepared (if this is to be prepared by Unitec, see Agreements Approval Process);
negotiating the terms of that contract;
preparing further drafts of the contract and reviewing;
obtaining internal approvals;
having the contract signed by the person in each organisation with the necessary delegated authority.
This process can take time (often weeks or even months for complex deals). If it is short-circuited, there may be a risk that the deal is compromised in some way.
5. What is the process for getting contracts signed?
Once the final form of the contract has been agreed and drafted, it needs to be signed by the authorised representatives of both parties. There is no rule as to which party signs first as long as each party ends up with an original of the contract having the other party’s signature on it. Sometimes it may be easiest if both parties print their own, have their executives sign and then exchange with the other party. At other times, one party will have 2 copies signed by its executive, send those to the other party for its executive to sign and then return one to the first party.
In other words, if the Corporate Office has signed the contract but it still requires the other party’s signature, you will be sent 2 copies of the contract signed by Unitec together with a request for you to liaise with the other party to obtain their signature on both copies. They then retain one copy and send one original back to you; you keep a photocopy of this, and the original is sent to me or Evellen Powell to enable an original to be kept in our records system.
6. Who is responsible for managing the contract after both parties have signed?
You are, although I am very happy to assist with any issues of interpretation or disputes that may arise during the term of the contract.
I would also recommend that, as soon as the contract has been signed, you prepare a checklist of all the actions Unitec is obliged to perform and all the actions that the other party is obliged to perform (and any deadlines by which they must be met) as a tool for managing the contract.