Contracts Explanation

Contract Number:    Every contract that is reviewed by the Office of Legal Counsel will be assigned a contract number.  The number will be e-mailed to the Department contact after the Office of Legal Counsel has received the contract.

Date Received:    This is the date the Office of Legal Counsel has received the contract

Under Review:    Once a contract has been received by the Office of Legal Counsel, it will go through a process of review to ensure compliance with University and Tennessee Board of Regents policies.

In Negotiations:    After the contract has been reviewed, it will be sent to the Vendor with Amendments for its acceptance or rejection.  The contract terms are negotiated during this phase.

Awaiting Final  Signatures:    After all terms have been negotiated, the Vendor and University will sign the contract.

Date Executed:    The date the contract has received all signatures and has been returned to the Office of Legal Counsel.

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