Contracts for Non-Production Goods and Services
This Policy outlines Contract Approval, Prescribing Signatory Authority, and Spending Limits for Non-Production Goods and Services (Non-Production Supplies & Equipment, Software Agreements, Lease Agreements, and Services).
General
The authority to approve and sign contracts or other agreements on behalf of Summit Polymers (the “Company”) rests exclusively with the authorized senior officers and managers identified in this policy, in accordance with the spending authorization limit, as described below. Renewals, extensions, amendments, and modifications to previously approved contracts must be approved and signed in accordance with this policy. Those signing without such authority may incur personal liability, and/or may be subject to discipline by the Company, including termination. No contract or agreement signed by a Summit Polymers employee without authority as defined by this Policy is binding or enforceable. No party contracting with – or attempting to contract with – the Company may rely upon any representation or signature of an employee in connection with authority other than as provided in this Policy.
Authorized Signatories
The Summit Polymers personnel within the Spending Authorization Limits table below have the authority to approve and execute contracts, as they relate to their functional areas and operational duties. For purposes of the spending authorization limit, the total value of the contract includes the reasonably expected total cost of the contract, including but not limited to all payments over the expected life of the contract.
Spending Authorization Limits
| Manufacturing Plants | |
| Job Title | Spending Authorization Amount (in USD) |
| Manager | Up to $500 |
| Manufacturing Manager | Up to $5,000 |
| Operations Manager | Up to $10,000 |
| General Manager | Up to $25,000 |
| Regional Director | Up to $35,000 |
| Corporate Headquarters/Sales Office | |
| Job Title | Spending Authorization Amount (in USD) |
| Manager | Up to $2,500 |
| Chief & Tooling Room Manager | Up to $5,000 |
| Directors | Up to $10,000 |
| Vice Presidents | Up to $150,000 |
| President | Over $150,000 |