The establishment of a Chair is formalised through the signing of an agreement between the University of Valencia and one or more companies or institutions, according to the objectives and conditions agreed.

The duration of the agreements is usually three years, renewable by mutual agreement of the parties, without prejudice to the possibilities of termination by breach of obligations by either party.

It will function as agreed by the Joint Monitoring Committee, which shall meet at least once a year. The institutional approval of the activity and economic report every year is binding.

The functions of the Joint Committee are at least the following:

• To approve the department’s annual programme, with details of the activities to be developed, on the proposal of the management.
• To approve the budget and the validation of expenditure.
• To monitor the academic activities.
• To prepare the evaluation of the activities carried out.
• Approve the annual report of the chair, on the proposal of the management.
• To make suggestions to improve the Chair.

   The person responsible for the Chair is the person who assumes the direction, acting as a link between the institutional representatives of the University of Valencia and the members of the company/institution in the Committee. Their functions are therefore:

• To manage the convening of meetings of the Committee, together with the representative of the University of Valencia, the principal, or vice-principal who chairs the Committee.
• To develop the activities that have been approved annually in the Report submitted to the Joint Committee.
• To submit the Economic Memory and to justify the expenses derived from the development of the Chair’s activities.
• To update the Chair’s website, which will be directly incorporated into the web of the Office of the Vice-principal for Institutional Relations and Communication, on which the Institutional and Business Chairs depend.
• To publicise the activities of the Chair through the media, making it clear that the activities are conducted within the Institutional-Business Chairs of the University of Valencia, including the logos of entities signatories of the Chair.
• To report any incident that may affect the proper functioning of the Chair on the terms and conditions set forth in the agreement.

The breach of duty will involve the dismissal of the person from the management.