Checklists 1
Signing/authorisation limits—general commercial organisation
Produced in partnership with Elizabeth Bourlet
PrecedentsSigning/authorisation limits—general commercial organisation
Produced in partnership with Elizabeth Bourlet
PrecedentsKey words or phrases referred to in these signing/authorisation limits are defined in the ‘Terms’ table—see section 1.
1
Terms
Word or phrase Definition Contract A written or verbal agreement between two or more parties creating obligations that are enforceable or otherwise recognisable at law and binding on [Insert organisation’s name], regardless of whether it is specifically called a contract.Examples include:—leases—licences—guarantees—indemnities—agreements—letters of intent—Memoranda of understanding—statements of work—Non-disclosure (or Confidentiality) agreements—click-to-accept online terms—’shrink-wrap’ licence agreements and extensions—amendments or Variations to any Contracts Extraordinary Items Expenditure that is not included in Board-approved budgets, exceeds Board-approved budgets or is outside the normal course of business.Examples include:—guarantees—indemnities—the purchase, sale, exchange or transfer of complete or partial interests in real property— the lease or sub-lease of real property—contracts the term of which, including potential renewals, exceeds five years, regardless of Contract value—writing-off obsolete stock—ex-gratia payments—the settlement of legal action at a cost that equals or exceeds £[insert, eg 250,000] regardless of insurance coverage—[any
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