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Policy on the Signing of Contracts, Leases and other Legal Documents

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No person is authorized to enter into or sign contracts, leases or other legal documents on behalf of New York Medical College except as approved by the Board of Trustees of New York Medical College or pursuant to authority delegated by the Board of Trustees to the President of New York Medical College or, by the President, to some other corporate officer of the College from time to time.

All departments and divisions of New York Medical College are integral elements of the New York Medical College corporation and are not separate contracting entities. Therefore, all contracts, leases or other legal documents must be in the name of “New York Medical College” and not, for example, “the Department of ____________ of New York Medical College” or the “Division of ____________ of New York Medical College.”

Authorization as described above from the Board of Trustees and/or the President must first be obtained for all contracts, leases or other legal documents in the College’s name intended to benefit departments or divisions or to be paid out of New York Medical College accounts, and all such contracts, leases or other legal documents may only be signed by the President or other corporate officer designated by the President.

The absence of a specific written delegation of authority to sign a contract, lease or other legal document may nullify the validity of such document and result in personal liability or individual responsibility and the loss of any insurance and indemnification coverage for the employee involved.


 


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