Contract Review Process
The Office of Enterprise Risk Management must review contract clauses pertaining to insurance language to make certain insurance standards are met to adequately protect the university and appropriately allocate risks among the parties.
NOTE: All contracts must be submitted to the Office of Legal Affairs for review.
The university can be exposed to risk when using contractors, consultants, service providers, and/or vendors providing goods and/or services or when outside organizations and individuals use university premises and/or facilities.
University policy requires that contractors, subcontractors, consultants, service providers and/or vendors, as well as outside organizations and individuals using university premises and/or facilities, maintain liability insurance and other insurance as necessary to reasonably protect the university’s financial interests in amounts deemed adequate by the university.
Additionally, standard indemnification (an action that attempts to make the vendors and service providers contractually responsible for loss that results from their activities) and insurance clauses are generally required of vendors and service providers because their goods or services could result in bodily injury or property damage and thus expose the university to loss.