Contract Administration: Significant Contracts Procedures

General:

1. Significant contracts are those that may have a substantial impact or pose an extraordinary risk to the College. This may include Contracts that:
   
   
   
   1. are precedent-setting;
   
   
   2. involve sensitive issues;
   
   
   3. have the potential to harm VCC's reputation, or
   
   
   4. relate to the licensing, sale, purchase, or disposition of VCC real property and technology.
   
   
   
   


2. Contracts that involve activities in other countries, or where VCC is entering into a joint venture, partnership, or similar relationship with another institution or private company outside of Canada, must undergo a risk assessment through the SSRP to determine whether it meets the standard of a Significant Contract.

Contract Development:

3. The relevant Dean must notify the appropriate Vice President if they suspect any proposed contract meets the criteria of a Significant Contract.


4. The proposer must submit a summary document to the appropriate Vice President detailing the purpose, scope, financial implications, potential risks, and strategic importance of the Contract.


5. If the appropriate Vice President determines the Contract is in VCC's interest and aligned with the College's values and strategic goals, they will give conditional approval to continue with the contract development process.


6. All Significant Contracts must undergo a comprehensive risk assessment through the SSRP.


7. The SSRP will consult with the Risk Management Branch during the development of any Significant Contract. The Risk Management Branch must provide approval on the final, unsigned, version of the Contract.


8. The appropriate Vice President will determine if any other Mandatory Reviewers are required (i.e. Procurement, Facilities Management, Finance) and whether an external legal review is required.

Approval of Significant Contracts:

9. The appropriate Vice President, or designate, will prepare a report for the Board of Governors. The report should include the contract summary, risk assessment, legal opinion if required, and their recommendation for approval.


10. For all Significant Contracts, the CFO and President are the Mandatory Reviewers, supported by the appropriate Vice President. The Board of Governors is the Contract Authority.


11. Upon written approval by the Board of Governors, the President may sign the Contract.


12. A fully executed copy of the Contract, along with the relevant documentation, must be stored securely by the appropriate Vice President as well as in the College's contract management system.

Review and Reporting:

13. Following the execution of the Contract, a post-execution review should be conducted by the Contract Manager to ensure that all contract obligations are being met and to monitor any ongoing risks.


14. The process of reviewing and approving Significant Contracts must be transparent and well-documented. All records related to the review process, including meeting minutes, risk assessments, legal opinions, and approval documents must be retained according to the College's Record Retention Schedule.