Purpose
To identify the procedures for the implementation of Project Agreements; agreements used to memorialize the assumptions and decisions made in support of a project.
Responsibility
A Project Agreement is created by the Capital Planner and/or a Project Manager to document the project scope, cost and funding source.
Timeframe
A Project Agreement will be prepared when the scope of work is agreed upon by all parties including the Sponsoring Department, Capital Planning & Development, and Financial Services and when the Sponsoring Department is ready to commit funds to the project.
Process
The Project Agreement will be executed using the Project Agreement Process in e-Builder (see section 5.01.3.1).
Additional information regarding Project Agreements:
- The Approved Budget is the total project budget including construction costs and soft costs.
- The Project Agreement should be updated when the Approved Budget changes.
- A signature from the sponsoring department’s dean or director is required to ensure the department heads are aware and supportive of the project.
- A signature from Financial Services is required as a confirmation that the funding source is appropriate and contains adequate funds to support the project budget.
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At a minimum, Capital Planning will need the following information to execute a Project Agreement:
- A Description of the Project
- Requirements of the Project Sponsor
- The completion or other schedule milestone if germane to the project sponsor
- Total cost of the project including the established facilitation cost where applicable
- The funding source (index)
- The signer for the funding source
- For projects where the final total project cost cannot be known accurately until design or an element of the design is completed, Capital Planning prefers an agreement for the design/study followed by an agreement with the total project cost when known.