What is a Contract?
A contract is an agreed upon set of terms and conditions governing the relationship between two or more parties. A contract may be called by many different names, including, but not limited to, the following:
- Agreements
- Memoranda of understanding/agreement
- Letters of intent
- Estimates
- Proposals
- Orders
- Affiliation agreements
- Assignments
- Licensing agreements
- Amendments
- Confidentiality Agreements
- Services Agreements
A contract may be legally binding even if no monetary payment is involved.
We typically have two general categories of contracts at SIUE: procurement contracts and non-procurement contracts. A procurement contract commits funds from the University and involves a vendor or service provider. A non-procurement contract is revenue-generating or zero-dollar and does not involve a service provider or vendor.
