Office of the Vice President and Chief Financial Officer
PROCEDURE FOR SUBMITTING BUSINESS CONTRACTS
FOR REVIEW, APPROVAL, AND EXECUTION
- Complete and sign the
Business Contract Review Form (BCRF)
- The Review Form must be signed by the individual who is responsible for verifying that the contractor will comply with the terms and conditions of the contract.
- The Review Form should contain a secondary signature if required by your department’s contract routing procedures.
Note (Administrative fee): Any agreement or contract entered into by a department or unit within the University where income will be received as a result of the agreement or contract, may be subject to an assessment of the 3.25% administrative charge on expenses. Any budget prepared as a part of the agreement or contract should include a line item for this charge. It may be referred to as administrative charge or indirect cost, and should be calculated as 3.25% of the total expenses included in the budget. This charge is assessed to reimburse the University for direct and indirect administrative services. Additional information regarding this charge can be found on the University’s website at: http://utdirect.utexas.edu/budget/pdf/Administrative_Fee_Policy.pdf. Certain expenses, such as scholarships, are exempt from this charge. A detailed list of the exempt expenses can be found on page 2 of the administrative fee policy. Please note that the administrative charge is assessed per budget group and not per contract.
- Develop a contract that contains sufficient information to ensure your department receives the service or deliverable it
is anticipating. The use of a Standard Business Agreement
Templates and Forms will expedite the review and approval process.
- Submit items I and II to the Business Contracts Office with as much lead time as possible. An e-mail confirmation of receipt
will be sent to the contact provided on the BCR Form.
- Paper - Submit a signed Review Form and two copies of the contract to the Office of the Vice President and Chief Financial Officer, Main Building, Room 102, or Campus Mail G4900; or
- Electronic – Submit a signed BCRF and contract to: firstname.lastname@example.org
- Note: If this is an emergency or you are requesting a RUSH review, please contact our office via telephone with the extenuating circumstances. Efforts will be made to accommodate rush requests on a case by case basis.
- If the contract is a Standard Agreement with no substantive changes, it usually will be processed and returned to you within
one to two weeks. Using a contract drafted by the contractor or permitting substantive changes to University’s Standard
Agreement may require additional processing time. Special Handling Contracts
requiring UT System Office of General Counsel and/or
UT System Board of Regents’ approval will require
additional processing time.
Note: Services may not begin until the contract is fully executed by both parties.
- Once our review is complete, the contract will be signed by an individual in our office who has received
Delegated Signature Authority from the president of the
University and returned to you for further handling as follows:
- negotiating any required revisions with the contractor;
- obtaining the contractor’s signature and initials of any required changes on the original contract; or
- returning a fully executed contract to the contractor for the contractor's records.
Note: If the contractor will not agree to the required changes, please contact our office and we will assist you in negotiating the change.
Once the contractor has signed the contract and initialed any required revisions, please return one fully executed original contract to the Office of the Vice President and Chief Financial Officer (Main 102, Campus Mail Code G4900). Once we sign an agreement on behalf of the University, we are required to maintain the fully executed agreement pursuant to Regents' Rules and Regulations and Records Retention policies.