Approval: Risk Management Department for identified risks
8
Check for contract expiration and renewal terms
9
Evaluate financial terms of the contract
10
Approval: Finance Department for financial terms
11
Review obligations and rights of all parties
12
Evaluate contract termination clauses
13
Check for any unclear or ambiguous terms
14
Make a written summary of the contract
15
Approval: Legal Department for final review
16
Prepare recommendations for contract modifications
17
Approval: Management for contract modifications
18
Prepare contract negotiation strategy
19
Final Contract Signing
Initial assessment of contract files
Examine the contract files to gain a clear understanding of the terms and conditions. Assess the scope, duration, and parties involved in the contract. Identify any missing or incomplete documents. Determine if the contract aligns with the organization's objectives and legal requirements. Pay attention to key details such as contract dates, signatures, and attachments.
1
Draft
2
Executed
3
Expired
4
Terminated
1
Contract Agreement
2
Attachments
3
Amendments
4
Addendums
5
Exhibits
Check for contract completeness
Ensure that the contract includes all necessary information and components. Verify the presence of essential sections such as parties involved, description of services or products, payment terms, delivery timelines, and dispute resolution mechanisms. Review and cross-check the provided information for accuracy and consistency.
1
Parties Involved
2
Scope of Services
3
Payment Terms
4
Delivery Timelines
5
Dispute Resolution
1
Insurance Coverage
2
Indemnification Clause
3
Confidentiality Agreement
4
Intellectual Property Rights
5
Force Majeure Clause
Review contract terms and conditions
In this task, you will carefully review all the terms and conditions stated in the contract. Pay attention to the language used, the clarity of the provisions, and any potential discrepancies or ambiguities. Use the relevant form fields to document any concerns or questions you may have about the contract terms and conditions.
Compare contract terms with company standards
In this task, you will compare the contract terms with the standards and policies of your company. Identify any deviations or inconsistencies that may need further review or negotiation. Use the relevant form fields to document any discrepancies or deviations from company standards.
1
Payment terms
2
Warranty provisions
3
Indemnification clauses
4
Confidentiality obligations
5
Termination provisions
Approval: Legal Department for contract terms
Will be submitted for approval:
Review contract terms and conditions
Will be submitted
Compare contract terms with company standards
Will be submitted
Identify potential risks in contract
In this task, you will identify potential risks associated with the contract. Pay attention to any provisions that may expose your company to legal, financial, or reputational risks. Use the relevant form fields to document the identified risks and propose mitigation strategies if applicable.
Approval: Risk Management Department for identified risks
Will be submitted for approval:
Identify potential risks in contract
Will be submitted
Check for contract expiration and renewal terms
In this task, you will review the contract to identify the expiration date and any renewal terms. Pay attention to the notice period for termination or renewal, as well as any automatic renewal clauses. Use the relevant form fields to document the expiration and renewal terms.
Evaluate financial terms of the contract
In this task, you will evaluate the financial terms of the contract, including pricing, payment terms, and penalties for non-compliance. Pay attention to any provisions that may impact the financial stability of your company. Use the relevant form fields to document your evaluation and identify any concerns or suggestions.
1
Net 30 days
2
Net 60 days
3
Net 90 days
4
Payment upon delivery
5
Installment payments
Approval: Finance Department for financial terms
Will be submitted for approval:
Evaluate financial terms of the contract
Will be submitted
Review obligations and rights of all parties
In this task, you will review the obligations and rights of all parties involved in the contract. Pay attention to any unequal distribution of responsibilities or limitations on the rights of your company. Use the relevant form fields to document any concerns or suggestions regarding the obligations and rights of the parties.
Evaluate contract termination clauses
In this task, you will evaluate the contract termination clauses to understand the conditions under which the contract can be terminated by either party. Pay attention to any notice periods or penalties associated with termination. Use the relevant form fields to document your evaluation and highlight any concerns or suggestions.
1
Breach of contract
2
Expiration of contract term
3
Mutual agreement
4
Force majeure event
5
Insolvency
Check for any unclear or ambiguous terms
In this task, you will carefully review the contract for any terms that are unclear or ambiguous. Pay attention to any provisions that may be subject to interpretation or misinterpretation. Use the relevant form fields to document the unclear or ambiguous terms and propose clarifications or revisions if necessary.
Make a written summary of the contract
In this task, you will create a written summary of the key provisions and terms of the contract. This summary will serve as a reference point for future discussions and actions related to the contract. Use the relevant form fields to document the summary and ensure clarity and accuracy.
Approval: Legal Department for final review
Will be submitted for approval:
Make a written summary of the contract
Will be submitted
Prepare recommendations for contract modifications
In this task, you will prepare recommendations for modifications to the contract based on your review and analysis. Identify any changes or additions that may be necessary to align the contract with your company's interests and objectives. Use the relevant form fields to document your recommendations and propose any necessary modifications.
Approval: Management for contract modifications
Will be submitted for approval:
Prepare recommendations for contract modifications
Will be submitted
Prepare contract negotiation strategy
In this task, you will develop a negotiation strategy for the contract based on your review and analysis. Identify the key leverage points, potential trade-offs, and fallback options to achieve a mutually beneficial agreement. Use the relevant form fields to document your negotiation strategy and outline the main points of discussion.
Final Contract Signing
In this task, you will facilitate the final signing of the contract. Coordinate with the relevant parties involved to ensure all necessary signatures are obtained and the executed contract is properly archived. Use the relevant form fields to document the signing process and any additional instructions or requirements.
