Approval signatures
The "Approval Signatures" clause outlines the requirement for key stakeholders or designated authorities to provide their signatures as a formal indication of agreement or authorization for the contract. This clause ensures that all parties involved have reviewed and consented to the terms, making the contract legally binding and enforceable.
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Sample Approval signatures clauses
Source
CRYOLIFE INC (AORT)Approval Signatures:
CryoLife, Inc.:
By: /s/ Pat Mackin_________________
Title: President and CEO_______________
Date:December 4, 2020____________________________
Duke University:
By: /s/ Aimee Turner______________
Title: Chief Financial Officer, DCRI__
Date:Dec. 8, 2020_________________________
Source
Com2000, Inc.Company Approval Signatures : Director 1: /s/ Michael Gaard Director 2: /s/Victor Tong
Approvals do not have to be on the same sheet; however all of the sheets bearing the approval signatures must be affixed in the resolution book of the Board of Directors in order for the resolution to be valid.
Any subcontract work received over $75,000 requires approval signatures from the Chief Financial Officer and general manager.
Review and consider pre-approval requests from Access Persons; ensure approval signatures are secured from appropriate ARGA individuals.
Having all the approvals on the same paper is not a condition; however, all of the papers with approval signatures have to be attached to the decision book of the Board of Directors or its format must be changed into a resolution that includes the signatures of those who have approved and recording it in the decision book is required for the validity of the decision. Objections made in respect to the decision by a member of the Board of Directors who did not request a meeting, does not affect the validity of the decision.
The analyst will compile and prepare a waiver (basis for approving a credit line without financial statements.) Waivers will be kept on file for audit purposes. In all cases, the following approval signatures are required to extend credit limits to customers.
Our lenders have the authority to extend credit under guidelines established and approved by the Board of Directors. With the exception of secured consumer loans, joint approval signatures are required for all loans.
The identified weaknesses include failing to properly document the required dual approval and multiple approval signatures for expenses greater than $250,000, reliance on a third-party accounting service provider creating gaps in internal control compliance which were not communicated to management and incidences in the lack of supportive documentation for expense reimbursement.
The material weaknesses previously identified included failure to properly document the required dual approval and multiple approval signatures for expenses exceeding $250,000, reliance on a third-party accounting service provider that caused gaps in internal control compliance. To improve control and oversight of the operational creditor processes, we have brought the processes in-house. Specifically, this involved automating processes and integrating the correct approval workflows with the necessary parameters in the accounting system. This change strengthens our internal controls and ensures compliance with US GAAP.
What is an Approval Signature?
An approval signature is an official mark or sign-off that indicates agreement, authorization, or acknowledgment of a document’s contents. It serves as a way to formalize consent and is often used in various professional and legal contexts to authenticate the agreement of parties involved.
When Should I Use Approval Signatures?
Approval signatures should be utilized in any situation where formal consent, acknowledgment, or authorization is required. This includes, but is not limited to:
- Contracts and Agreements: Ensures all parties agree to the terms and conditions.
- Financial Documents: Verifies the accuracy and approval of transactions (e.g., invoices, budgets).
- Human Resources Documents: Confirms employee approvals (e.g., employment contracts, timesheets).
- Policy Documents: Validates acceptance of company policies and procedures.
How Do I Write an Approval Signature?
Writing an approval signature typically involves the following steps:
- Signature Line: Include a line for the signature.
- Printed Name: Write the signer’s full name below or above the signature line.
- Date: Add a line for the date when the document is signed.
- Title or Position: Specify the signer’s title or position, if relevant, to provide context.
Example:
Signature
John Doe
Printed Name
John Doe
Date
10/20/2023
Title/Position
Director of Operations
Which Contracts Typically Contain Approval Signatures?
Approval signatures are a common element in various types of contracts, including:
- Employment Contracts: Confirm the mutual agreement between employer and employee.
- Service Agreements: Validate the acceptance of terms between service providers and clients.
- Non-disclosure Agreements (NDAs): Ensure confidentiality terms are agreed upon.
- Lease Agreements: Certify tenant and landlord approvals of lease conditions.
- Sales Contracts: Confirm the terms of a transaction between buyer and seller.
These signatures serve as a critical component in solidifying the legal enforceability of such documents.
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