• a legally binding promise, enforceable by law.
  
• an agreement between parties, with binding legal and moral force, usually exchanging goods or services for money or other consideration.
  
• all types of agreements, regardless of what they may be called, for the procurement or disposal of supplies, services, or construction.
  
• an agreement between a contracting authority and a person or business unit to provide a good, perform a service, construct a work, or to lease real property for appropriate consideration.

The authority to execute University contracts is vested in the President of Southeastern; however, the President has delegated to the Provost/Vice Presidents of each division a limited authority to execute University contracts for personal, professional, consulting and social service contracts up to $20,000. The Administration has delegated limited authority to faculty and staff to execute qualified personal, professional, consulting and social service contracts up to $2,000.

The Director of Purchasing has authority to sign all purchase orders and non-contract agreements on behalf of the University and the Director of Purchasing has delegated limited authority to Procurement Specialists to sign requisitions and purchase orders up to $25,000.