Workflow Templates: Contract Management Checklist

Contract Initiation

step"=>"Identify need for a new contract or renewal of an existing contract", "description"=>"Determine the objectives and requirements that necessitate a contract."}

step"=>"Select the contract type", "description"=>"Choose an appropriate contract type based on the relationship and the service or product being procured."}

step"=>"Draft the contract", "description"=>"Prepare the initial draft of the contract, incorporating all necessary legal and business terms."}

Contract Review and Approval

step"=>"Conduct internal review", "description"=>"Have the relevant departments or stakeholders review the contract to ensure it meets all business needs and complies with internal policies."}

step"=>"Negotiate terms with the other party", "description"=>"Engage with the counterparty to negotiate any terms that are not yet agreed upon."}

step"=>"Obtain required approvals", "description"=>"Ensure the contract has been reviewed and approved by all necessary internal and external authorities."}

Contract Execution and Management

step"=>"Execute the contract", "description"=>"Have all parties sign the contract through the appropriate means, whether electronic or hard copy."}

step"=>"Store and manage the contract", "description"=>"Keep the executed contract in a secure and accessible location, and manage it through its lifecycle."}

step"=>"Monitor compliance and performance", "description"=>"Regularly review the contract’s performance and the parties' adherence to its terms and conditions."}

Contract Closure

step"=>"Complete all contractual obligations", "description"=>"Ensure that all parties have fulfilled their respective duties as outlined in the contract."}

step"=>"Conduct a contract post-mortem", "description"=>"Review the contract’s successes and failures to derive lessons for future contracts."}

step"=>"Formally close the contract", "contact"=>"Once all obligations are satisfied and lessons learned are documented, formally terminate the contract or confirm its completion."}