{"id":13,"date":"2018-06-22T01:22:02","date_gmt":"2018-06-22T08:22:02","guid":{"rendered":"https:\/\/vendor.hub.wp.nau.edu\/contracts\/contract-definition\/"},"modified":"2023-06-29T23:20:04","modified_gmt":"2023-06-29T23:20:04","slug":"contract-definition","status":"publish","type":"page","link":"https:\/\/in.nau.edu\/contracts\/contract-definition\/","title":{"rendered":"Contract Definition"},"content":{"rendered":"

Contract definition<\/h1>\n
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A contract is created when there is a mutual exchange of promises upon reasonably understandable terms and conditions.\u00a0 A contract does not have to be reduced to writing in order to be enforceable; however, as used in this contracting website, the term contract is intended to mean a written form of communication.\u00a0 It is important to note that many types of documents can constitute a contract, including invoices, memoranda, and quotes.<\/p>\n

At the University there are two types of contracts that are sent to Contracts, Purchasing and Risk Management for signature, standard NAU contracts and non-standard NAU contracts.\u00a0 Typical standard NAU contracts are contracts for facility use, consulting and performers as well as contracts that are prepared and issued as a result of a competitive solicitation issued through Contracts, Purchasing and Risk Management.\u00a0 These contracts have all the terms and conditions required for compliance with state regulations.\u00a0 Non-standard NAU contracts are contracts that come from a vendor that NAU is required to sign in order for performance to occur.\u00a0 These contracts vary in scope and complexity.\u00a0 Common non-standard NAU contracts are for software, equipment rental, hotel accommodations, and advertising agreements.\u00a0 These contracts typically lack provisions required by the state and include provisions that need to be removed in order to be in compliance with state regulations.<\/p>\n<\/div>\n<\/div>\n

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Additional Resources<\/h3>\n <\/div>\n
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