Should a contract be in writing - FAQ4

Yes, a contract should be in writing.  A well-drafted contract will protect the university’s interest and reduce the possibility of misunderstandings between the university and the other party.  It can also manage expected costs and allocate risks.  At a minimum, a contract should always contain the fundamental information necessary to understand the intent of the parties.  Such basic information includes the names of the parties, the responsibilities and obligations of each party, the duration of the contract, the terms of payment (if any), the procedures necessary to terminate, and signature lines for execution of the contract by authorized representatives of each of the parties.