Contracts Over $10,000

University Purchasing is primarily responsible for reviewing and negotiating contract documents, and assisting departments with contract administration issues and disputes, related to purchases over $10,000.  VCU enters into thousands of purchase contracts and agreements each year. These range in cost up to millions of dollars and typically involve a procurement transaction.

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Contracts over $10,000, which exceed user department’s delegated purchasing authority, require the participation and approval of University Purchasing. User departments should engage University Purchasing early-on by submitting a Purchase Request with all relevant contract documents attached.

Purchase Requests over $10,000 are automatically routed, whether a contract is involved or not, to University Purchasing for review and approval. Once the Purchase Request has been submitted by the user department, it will automatically route to the appropriate Buyer or Category Manager, who will assist the user department to select the appropriate procurement method and develop, review, negotiate and execute any resulting contracts, where applicable.

University Purchasing may further coordinate with other Procurement Services personnel, such as Accounts Payable or the Contracts Team, if necessary.

Contract Execution

University policy dictates that purchase contracts may only be executed by the Director of Procurement Services, or their management/designees. See Delegation of Signatory Authority. Noncompliance with this policy may result in disciplinary action up to and including termination of employment. University Purchasing or the Contracts Team coordinate the execution of all contracts, including vendor signatures.

Contract Repository

The user department (Contract Stakeholders) will receive a notification from RealSource once the contract or contract amendment has been added by Procurement Services to the Contracts+ repository. All university employees who have established a RealSource account can access any contract in the Contracts+ repository at any time. For more information about Contracts+ view: RealSource User Help-Guide

Helpful Links

Contracts ≤ $10,000
Procurement Methods Quick Guide

For More Information

For help, please submit a Cherwell service ticket
Look Under School/Unit IT Support
Under Procurement Services, select Contracts

Edit | Last updated: 08/29/2023