Workflow Templates: Contract Review Checklist

Confirm the parties involved in the contract are correctly identified with full legal names and addresses

Verify the contract has a clear title and date

Ensure the contract has a unique identifier such as a contract number or reference code

Review and understand the scope of work or services provided

Check payment terms, including amounts, schedules, and conditions for payment

Examine clauses related to contract modifications, renewals, and termination procedures

Ensure the contract complies with applicable laws and regulations

Identify and evaluate confidentiality and non-disclosure agreements

Assess indemnification, liability, and dispute resolution clauses

Review the total contract value and any variable costs

Check for any financial guarantees or performance bonds required

Analyze the implications of the contract on the company's financial statements

Identify any potential risks associated with the contract

Assess the adequacy of insurance provisions

Review and consider the need for risk mitigation strategies

Clarify the standards and criteria for accepting goods or services

Confirm the timelines and deadlines stipulated for delivery of goods or services

Review penalties or consequences for late or non-compliant performance

Contract Review Checklist