There is no formal written maximum term for a contract or a purchase order.

However, a reasonable contract term needs to be determined during appropriate business process to ensure the University will receive the best value for the money over the term of the contract. A supplier we choose today as the best value provider in the current market might not be providing a good value after several years because the market changes and technology changes. If the contract term is set up for too long, our ability to ensure the University is getting the best value from a current market will be restricted.