Contract Administration


Definition of a Contract

A legally binding written agreement executed between the System or the University and a third party in which the parties agree to perform under the obligations therein (with or without a monetary exchange). Contracts include but are not limited to letter agreements, cooperative agreements, memorandums of understanding (MOU), interagency contracts, inter-local contracts, easements, licenses, leases, and purchase orders.


A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty.  A legally enforceable contract requires the following elements:

  • An Offer
  • An Acceptance
  • Mutual Consideration
  • Legal Parties
  • Legal Purpose


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