Stevens Institute of Technology Castle Point on Hudson Hoboken, NJ 07030 201.216.5213 Fax: 201.216-8250 Office of the President October 24, 2005 To: All Direct Reports of the President From: Harold J. Raveche Subject: Legal and Consulting Services In an effort to better manage expenses and cash flow and to implement proper internal controls and risk management practices, the following procedures will be instituted effective immediately: All legal and consulting services must be approved in advance by the CFO. The attached form will be utilized to initiate the request and Procurement will enter a Purchase Order into FRS subsequent to approval. The Director of Procurement will negotiate favorable rates with attorneys in the areas listed below: Employment/HR related matters Contract review and negotiation Intellectual property (trademark, copyright, patent, licenses, etc.) General Institute legal matters Use of attorneys other than those identified by Procurement requires the prior approval of the CFO. If there is a specific attorney you would like to engage, please refer them to the Director of Procurement for rate negotiations and vendor acceptance procedures. A communication will be sent to all attorneys and consultants advising them of the new policy and that they risk not being paid unless their services are approved in advance and a P.O. is issued. The only people authorized to sign legal and consulting contracts on behalf of Stevens are the President and the CFO, and all contract must be signed by both of them. This policy will protect the Institute from legal risks associated with contractual obligations. It will also alert the finance department to any financial commitments that need to be disclosed in our financial statements. Please discuss any potential contracts with the CFO prior to reaching any preliminary agreements with outside parties. Please communicate these procedures to your Department Heads and any other staff that may be responsible for engaging legal and consulting services or negotiating contracts on behalf of Stevens. cc: Stefano Falconi Mark Samolewicz STEVENS INSTITUTE OF TECHNOLOGY FINANCE DIVISION Budget Expenditure Authorization Legal Consulting Date: Proposed Firm/Vendor: ______________________________________ Address: ___________________________________________________ __________________________________________________________ Name of vendor contact:______________________________________ Reason and time frame for services:_____________________________ __________________________________________________________ __________________________________________________________ Total Professional Fees: $____________________________ Total Expenses: $____________________________ Total Budget Commitment: $____________________________ VP or Department Head ____________________________Date______________ Vice-President for Human Resources __________________________Date______________ Controller/CFO ___________________________________Date______________ A copy will be returned to the requestor after approval. Please do not retain legal/consulting services prior to approval.
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