It has come to my attention that occasions arise from time to time calling upon Temco employees to entertain offers that, if accepted, may commit Temco resources contractually. Temco policy currently enables only myself, Fran Bosch and Rich Jacobson the authority to commit Temco contractually (“Authorized Contracting Parties”). Other Temco employees have authority to purchase up to a certain amount (which may vary from time to time) pursuant to purchase orders under existing contracts, as distinguished from authority to commit Temco under a new contract (“Purchasing Agents”). The purpose of this memo is to clarify this policy, both (i) to relieve any confusion among Temco employees, and (ii) to prevent any misunderstanding of Temco’s policy among potential counterparties.
To effectuate this policy:
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In all events which call upon a commitment of Temco resources pursuant to a new or renewal contract, no such commitment is to be undertaken, in writing, electronically or orally, without first receiving authorization to do so from an Authorized Purchasing Party, or from Temco’s General Counsel Greg Williams. Any such commitment undertaken without first obtaining a prior authorization as outlined above is disavowed, and will not be honored, by Temco.
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Temco Purchasing Agents have authority to commit Temco resources up to an amount of $1,000 pursuant to a purchase order under an existing contract without prior authorization as outlined in 1 above. That $1,000 commitment amount may be changed from time to time, which change will be communicating in writing to all Purchasing Agents.
If there are any questions about this policy, please bring them to my attention immediately.
W. Bruce Bosch
President
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