PURPOSE / SCOPE:
The purpose of the Contract Management Policy is to establish a standardized process for administering all contracts across the Idaho College of Osteopathic Medicine (ICOM), thereby providing appropriate controls, reviews, monitoring, maintenance, and assurance of regulatory compliance.
DEFINITIONS:
Contract: Any legally enforceable agreement that binds ICOM, regardless of its title. This includes, but is not limited to, service agreements, vendor agreements, purchase orders with specific Terms and Conditions, licenses (including software and data licenses), grant agreements, leases, sub-award agreements, non-disclosure agreements (NDAs), memoranda of understanding or agreement (MOUs/MOAs), affiliation agreements, terms and conditions related to digital platforms or online transactions, and any applications for membership or affiliation that contain binding terms. Excluded from this definition are purchase orders under $10,000 and those agreements and/or related payments that may otherwise be exempted in writing and approved by the appropriate Contract Signer.
Contract Effective Date: The start of a contract, as per its terms, occurs at the beginning of a defined period of time.
Contract Expiration Date: The end of a contract, as specified in its terms, occurs at the end of a defined period of time.
Contract Management: The process of creating, negotiating, approving, executing, and implementing a contract. This includes ensuring that deliverables, deadlines, and contract terms and conditions are met, addressing related problems, incorporating changes or modifications to the contract, and ensuring both parties fulfill their obligations under the terms of the agreement.
Contract Signer: The contract initiator/requestor (if under $10,000) or the senior executive (President, Dean, CFO) responsible for approving and signing contracts (over $10,000) on behalf of the College as defined in this policy. These individuals are the only persons with the authority to bind the College contractually.
Contract Termination: The end of a contract as the result of an action taken by a party to the contract. Contract Termination is not the same as Contract Expiration.
Contract Initiator/Requestor: The individual who submits a contract for review and college approval. Contract Requestor must be a College employee only.
Terms and Conditions: Specific provisions within a legally binding agreement that outline the rights, obligations, and responsibilities of each party involved.
Vendor/Contractor: The party with whom the College contracts to provide the goods and/or services identified in a contract.
POLICY AND PROCEDURE:
Contracts:
Not all College purchases require a Contract. However, when either party requires a Contract, it must be reviewed and approved in accordance with this policy, and the funding source must be identified before contracting. Only individuals given specific authority are authorized to contractually obligate the College in accordance with this policy. The performance of a Contract may not begin (i.e., services may not commence, materials may not be delivered, and no payments may be issued) until all relevant parties have reviewed, approved, and executed the Contract.
Each Contract to which ICOM is a party must:
Be appropriate to the mission and operation of the College;
Have an interest or benefit from the contracted transaction, despite the presence, or lack thereof, of a “financial” transaction;
Be within the approved budgetary obligations of the school;
The terms of the Contract must comply with federal and state laws;
Be in writing and signed by the vendor;
List the legal name and address of the vendor, and the terms must be clearly specified, e.g., length of contract, cost, expectations/deliverables;
Be submitted as soon as possible.
Review and Approval Process
All Contracts are to be emailed or received digitally whenever possible.
Only authorized individuals may sign Contracts on behalf of ICOM. Contracts signed by unauthorized individuals may result in personal liability for the person signing the Contract. For contracts under $10,000, the contract initiator/requestor may sign the contract. For contracts over $10,000, the following officers of the College: President/CEO, Dean/CAO, or VP for Finance and Administration/CFO, may approve a Contract for the College. Contract signature authorities are as follows:
President: All Contracts exceeding $100,000 in total annual expenditure
Dean: Approval of all Contracts over $10,000 associated with academic, clinical, and student affairs.
CFO: Approval of all business or administrative Contracts over $10,000 apart from academic, student, and clinical affairs.
The Chief Legal Officer must review and approve all Contracts prior to their final review and approval. The Assistant/Associate Deans, Assistant Vice President for Institutional Effectiveness and Compliance, Assistant Vice President for Human Resources, Chief Information Technology Officer, and Senior Director of Facilities will review all contracts associated with their respective areas of responsibility before submitting them to contracts@icom.edu. The Contracts team will then forward the contract to the Chief Legal Officer.
Contract Retention
Unless otherwise approved, Contracts shall be retained in accordance with the terms of the Contract and/or the College Data Retention and Destruction policy.
Contract Administration
Unless otherwise provided by College policy, the formally designated leader of the initiating department is responsible for the initial review of the Contract as well as monitoring and carrying out the College’s obligations thereunder. Failure to monitor Contract requirements may expose the College to financial loss, legal actions, and claims of breach of contract or default. Any questions regarding these matters or this policy should be directed to the Chief Legal Officer.
Compliance
Consistent with section 6.5 of the ICOM Board of Trustees bylaws, the President/CEO shall assume authority and responsibility to ensure all contracted services provided to the College are in compliance with COCA standards and requirements of all other applicable regulatory bodies.
Failure to comply with the requirements of this policy may result in disciplinary action up to and including termination in accordance with relevant College policies and may result in prosecution in accordance with state and federal law.
POLICY OWNER:
Office of Institutional Effectiveness and Compliance
APPROVAL:
Effective: 08/01/2025
Last Reviewed: 01/06/2026
Review Requirement: 5 Years