A contract is a legally binding agreement between Colorado College and an entity. They are typically written to have two core provisions: Performance and Remedies.

• Performance: these include what the parties are agreeing to for services/goods rendered
  • Identify the parties: Colorado College and the formal name for the entity you are contracting with. This can include an individual as a sole proprietor or the company, a government entity, corporation, or LLC.
  • Promises, Rights, Obligations: What the entity will be doing for Colorado College. This statement of work should include specifics such as:
    • Description of the project and the purpose to support Colorado College
    • Identify products and services to be performed/delivered
    • Identify who will be completing the work
    • Description of what happens if timeline in not met
    • Payment amounts and schedules for payment
  • Term/Duration: When does the contract start and stop?
  • Modifications for correcting or changing unacceptable deliverables should have mutual consent.
• Remedies: these include the parameters in which the contract can be terminated and who holds what responsibility.
  • Risk Allocation Provisions: This outlines recognition of the risks associated with the performance provisions and who is responsible for these risks.
  • Insurance: Whenever possible third-party vendors/services should list Colorado College as additionally insured.
  • Termination: What are the specifics around terminating the contract?
  • Dispute Resolution: Refers to alternative ways to resolve disputes without a trial such as mediation and neutral evaluation.