Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement...
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Transcript of Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement...
![Page 1: Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement between two parties --An agreement in which each party.](https://reader036.fdocuments.us/reader036/viewer/2022082820/56649ea95503460f94bacdbf/html5/thumbnails/1.jpg)
Revised August 4, 2008
Contracts
![Page 2: Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement between two parties --An agreement in which each party.](https://reader036.fdocuments.us/reader036/viewer/2022082820/56649ea95503460f94bacdbf/html5/thumbnails/2.jpg)
What is a Contract?
A contract is……--An enforceable agreement
between two parties--An agreement in which each party
agrees to give up something in exchange for something else
--Legally binding and can be settled in a court of law
![Page 3: Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement between two parties --An agreement in which each party.](https://reader036.fdocuments.us/reader036/viewer/2022082820/56649ea95503460f94bacdbf/html5/thumbnails/3.jpg)
Typical Contract Provisions Duties and obligations of the parties Representations and warranties Termination Clauses Assignment Clauses Acts of God Indemnity and Damages Insurance Choice of Law Venue
![Page 4: Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement between two parties --An agreement in which each party.](https://reader036.fdocuments.us/reader036/viewer/2022082820/56649ea95503460f94bacdbf/html5/thumbnails/4.jpg)
SAMPLE WFISD CONTRACTS
Software licensing agreements Professional engineering agreements Rental agreements Consultant agreements Maintenance agreements
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CONTRACT ACTION FORM
(CAF)
![Page 6: Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement between two parties --An agreement in which each party.](https://reader036.fdocuments.us/reader036/viewer/2022082820/56649ea95503460f94bacdbf/html5/thumbnails/6.jpg)
SIGNATURE AUTHORITY
Level of ApprovalActivity
Funds
District
Funds
Has it met
purchasing
requireme
nts?
Principal or Director Approval
Required
Under
$10,000
Under
$10,000Yes
Assistant Superintendent or
CFOO
Approval Required
Over
$10,000
Over
$10,000Yes
Superintendent Approval
Required
Over
$50,000
Over
$50,000Yes
Board of Trustee Approval
Required
Over
$100,000
Over
$100,000Yes
![Page 7: Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement between two parties --An agreement in which each party.](https://reader036.fdocuments.us/reader036/viewer/2022082820/56649ea95503460f94bacdbf/html5/thumbnails/7.jpg)
After CAF is completed and two copies of
contracts are executed by appropriate WFISD employee, originator is
responsible for obtaining signatures from vendor.
Vendor Signatures
![Page 8: Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement between two parties --An agreement in which each party.](https://reader036.fdocuments.us/reader036/viewer/2022082820/56649ea95503460f94bacdbf/html5/thumbnails/8.jpg)
Contract Routing
One original fully executed contract should be kept by vendor, one original fully executed contract should
be forwarded to Legal Services.
![Page 9: Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement between two parties --An agreement in which each party.](https://reader036.fdocuments.us/reader036/viewer/2022082820/56649ea95503460f94bacdbf/html5/thumbnails/9.jpg)
Additional Contract Routing
Copies of contracts should be retained by originator and provided to other employees “deemed necessary”.
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Purchase Orders with Vendor Contracts
Purchase Orders should be issued at the time the contracts are executed
Services – including services purchased through Student Activity Funds• Band consultants• Color Guard trainers• Athletic trainers
Reason:• Gives better control over your budget• 1099s should be issued for many services
• This shifts the burden of the 1099 to the Finance department and away from your campus
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New TEA Account Codes and definitions for Services
6219 – Professional Services • New definition
• required to be licensed/registered with the state
• Fee basis for specialized services
• Normally in areas that supplement the expertise of the school district
• Examples:• Architecture Optometry
• Professional Engineering Medicine
• Accounting Professional Nursing
![Page 12: Revised August 4, 2008 Contracts. What is a Contract? A contract is…… --An enforceable agreement between two parties --An agreement in which each party.](https://reader036.fdocuments.us/reader036/viewer/2022082820/56649ea95503460f94bacdbf/html5/thumbnails/12.jpg)
New TEA Account Codes and definitions for Services (cont’d)
6291 – Consulting Services• Definition
• Practice of improving performance through analysis of existing problems and development of future plans
• May involve:• identification of best practices• analytical techniques• change management and coaching skills• technology implementations• strategy development• operational improvement
• Consultants rely on their “outsider’s” perspective to provide unbiased recommendations• They bring formal frameworks or methodologies to identify problems or suggest more
effective/efficient ways of performing tasks• Cover all functional areas:
• Instruction – • Curriculum• Administration
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New TEA Account Codes and definitions for Services (cont’d)
6299 – Miscellaneous contracted services not specified elsewhere• Outside presenters for staff development
trainings