Regents' Policy Manual - Section 7.8: Signature Authority for Contracts

Adopted Date: 09-12-1996
Amended: 03-10-1997
Amended: 12-06-2007
Amended: 08-12-2008
Amended: 12-14-2010
Amended: 04-08-2014
Amended: 03-14-2016
Amended: 12-09-2020

Applicability

This policy applies to all members of the Board of Regents, faculty, staff and students.

Policy

The Board of Regents must approve and an officer of the Board of Regents must sign the following types of contracts and documents, after due authorization by the Regents:

1. Contracts between the President and the University; 
2. Bond resolution, notification and certification documents, including certification of bond sale; and
3. Any contracts or other documents required by law to be signed by an officer of the Board of Regents.

The Chief Procurement Officer or designee must sign contracts for the purchase of goods and services, and the authority to do so is hereby delegated.

The President shall have the authority to sign all other contracts and documents (other than contracts or agreements for the purchase of goods and services) for the operation of the University and may delegate this authority. The President's signature authority as set forth above includes the authority to execute certificates representing stocks, bonds, or other securities in order to buy, sell, assign, or endorse for transfer such securities. The President shall also have authority to require additional signatures on contracts for the purchase of goods and services.

It is the official policy of the University to avoid financial settlements of claims and lawsuits against the University except when appropriate. The Risk Management Division of the State of New Mexico provides coverage of certain liabilities of the University and has the authority to settle claims and lawsuits on the University’s behalf in consultation with University officials. The University shall not agree to a financial settlement paid on its behalf without (1) an appropriate risk assessment of the case, and (2) written approval by the Executive Vice President for Health Sciences and Chief Executive Officer for the UNM Health System for medical malpractice cases or the President for all other cases. A financial settlement or contract buy-out payment by the University with its own funds can be authorized by the President up to $1,000,000. Payments of university funds in excess of this amount must also be approved by the Board of Regents. The Board shall receive regular reports of all settlement payments and judgments paid on its behalf or paid from University funds.

After fully advising the President, the Executive Vice President for Health Sciences and Chief Executive Officer for the UNM Health System is authorized to enter into affiliation agreements with other patient care facilities to provide educational opportunities.

The signature authority delegated in this policy must be exercised in accordance with other Regents' policies, some of which may require approval of the contract or other document by the Board of Regents.

References

RPM 1.4 ("Appointment of the President of the University"); RPM 7.10 ("Borrowing and Bonding Authority"); RPM 3.4 ("Health Sciences Center and Services"); and UAP 2010 ("Contract Signature Authority and Review").