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Contract Process|Office of General Counsel
 

What is a Contract?

A contract is an agreement (oral or written) between two or more parties where there is a mutual exchange of promises or other consideration upon defined terms and/or conditions. Although contracts for the University of Wyoming are primarily written documents, there can be enforceable oral contracts. Written contracts may take many forms including:

  • Agreements for Services
  • Letter of Agreement
  • Purchase Orders
  • Online Terms and Conditions
  • Invoices

What is a good?

Goods are defined as supplies, materials, and equipment purchased by University departments. 

For example, these are all considered goods:

  • Pens
  • Software
  • Equipment 

Goods are (usually) expenses charged to expenditure account codes in the 2xxxxx or 4xxxxx category.

What is a service?

Services are defined as labor, time, or effort furnished by an outside entity to the University.

For example, these are all considered services:

  • Providing training
  • Performing a seminar
  • Writing a report
  • Designing a website

Services are (usually) expenses charged to expenditure account codes in the 9xxxxx category.

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What is the threshold for contracts and purchase orders?

Effective July 1, 2014, the University raised the threshold for contracts for services and for use of a purchase order (PO).

  • A PO is only required for service arrangements valued at $2,500 or above (an increase from $1,500).
  • A contract is only required for service arrangements valued at $10,000 and above (an increase from $1,500).

What if the purchase involves both a good and a service?

If a purchase involves both a good and a service (for example, you purchase a piece of equipment and the company provides training to University employees on how to use the equipment), then the purchase should be treated as a service.



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