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Whether the contract has just been drafted and is going through initial review, or the contract has been approved and is ready to be signed and executed, does your legal team have a process in place for reviewing a contract?
To ensure each contract is reviewed carefully before it is signed, contract managers and legal administrators should consider developing a policy that recommends different review processes that different types of contracts will require. If you use an automated contract management system that prioritizes contracts by dollar amount, such as ConvergePoint’s Contract Management Software, consider creating a policy that determines who and how the contract should be reviewed based on dollar amount.
Contracts should also be reviewed based on different requirements and by different people, depending on type. For example, employment contracts should be reviewed by a human resources manager; purchasing contracts should be reviewed by different procurement managers, perhaps depending on value; and vendor contracts should be reviewed by a different department.
No matter what team or department is reviewing the contract, though, they should all follow these basic guidelines:
By incorporating this checklist into your contract review process, you can further streamline your contract workflow. An automated contract management system can also help ensure the right people review the right contracts.
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Want other guidance on how to make your contract processes more efficient? Take a look at our How-to Guide: Successfully Establish a Contract Management System.
ConvergePoint (www.convergepoint.org) is the leading provider of compliance software solutions on the Microsoft SharePoint platform. Compliance products offered include Policy Management Software, Contract Management Software ,Conflict of Interest Disclosure and Employee Health and Safety Training Management Software.
After investing time and resources creating these policies, make sure employees read, understand and apply them to their daily job responsibilities! How? Read the Guide on How to Ensure Employee Accountability & Compliance through Effective Policy Management.
Visit our resource library for industry best practice tips and for case studies on how our software has helped clients in your industry.