Contracts
What is a Contract?
Money is exchanged for specific services that are provided on the basis of a formal agreement. Research Services encourages the use of the Standard Contract Terms and Conditions, since they contain the terms and conditions that the University can agreed to and sign. In the event that the sponsor wishes to use their own form, Research Services, in consultation with the agency and UW Stout and System staff will review the document to ensure that the University can agree to the terms and conditions.
Contract Components
- Statement of Work – Synopsis of what is going to be done? Services provided or services requested
- Principal Investigator – Who is supervisor of the project?
- Period of Performance – When will the project occur?
- Reimbursement of Costs – What costs will incur during the project? Budget should be developed. This will be reimbursed. When applicable use University approved rates.
- Payment Schedule – When will the money come?
- Termination – 60 days written notice is required by the partnering organization.
- Patents and Inventions – any discoveries, inventions, know-how, patents, or patent applications which are made during and as part of the project being funded in this agreement – who has ownership of discoveries
Other terms and conditions that may appear in contracts.
- Reports – Reports to the Sponsor will be provided by the University summarizing the project. Within 90 days of expiration of the agreement a final report will be submitted.
- Proprietary Data – The University will maintain in confidence proprietary or trade secret information as confidential information at the time of disclosure.
- Liability – The sponsors agrees to hold the University harmless from loss, claim, damage, or liability of any kind involving an employee of the Sponsors arising out of or in connection with the agreement.
- Warranties – The University makes no warranties. We are not responsible for any direct, indirect, consequential, special or other damages suffered.
- Equipment – We retain any equipment acquired during the project.
- Assignment – Neither party shall assign this agreement to another without the prior written consent of the other party.
- Independent Inquiry – Nothing shall limit the freedom of the researchers whether paid under this agreement or not to participate in other projects, grants, contracts.
- Independent Contractor – The University will act as an IC and will not be entitled to any benefits of the sponsors employees
- Insurance – The University warrants that they have adequate liability insurance
- Governing Law – Agreement is governed by WI State law