Entering into a Contract
Contracts are typically written for:
- Leases
- Venue rentals
- Equipment rentals
- Funding agreements
- Service agreements
A contract is required if the combined value of a vendor's invoices will be more than $5,000 in a 12-month period.
A contract may not be required if the combined value of a vendor's invoices will be less than $5,000 in a 12-month period. Project Directors can, at their discretion, hire vendors to provide services with a value of less than $5,000 without writing a contract. However, Project Directors should exercise caution when hiring a vendor even if the value is less than $5,000. A contract may still be required to mitigate risks associated with a vendor's work.
Projects should consult with their Project Specialist if they are unsure if a contract is required.
Project that fail to enter into contracts when required may experience delays in payments or unexpected legal costs.
To initiate a contract with a vendor, fill out the Contract Request Form and submit it to your Project Specialist. Allow a minimum turn-around time of 5 business days for all contract requests.
Note: It is important to understand that MakeWay assumes all obligations when entering into a contract. This is why MakeWay carefully reviews all information provided by the Project before finalizing the terms of the contract.
Only signatories authorized by the MakeWay Board of Directors can sign contracts. Steering Committee members, Project Directors, and Project employees are not authorized to sign contracts.
Amending a Contract
Contracts where work and/or payments continues beyond the end date noted on the contract must be amended.
To amend an existing contract, complete the Contract Amendment Request form and submit it to your Project Specialist. Significant increases in value may also require Finance Advisor review. Please allow a minimum turn-around time of 5 business days for all contract amendment requests.