The Master Checklist for Contract Review and Management
When it comes to an organization’s corporate agreements legal teams must be sure to examine different contracts, and contract types, through distinct lenses as the information in each is likely pertinent to a variety of stakeholders, and requires unique frequency of examination based on its contents.
This checklist outlines important aspects and best practices for a successful contract management process, and is designed as a template for your manipulation. It will guide you through the following four main buckets of procedural contract management for the purpose of establishing an optimal contract management process in your organization.
Planning & Preparation
The first section of focus speaks to the planning and preparation stage. It encompasses the pre-contract drafting/negotiation phase of contract lifecycle management, and will outline specific steps take during this phase to ensure success later on.
During this time your organization should plan and set up internal policies and procedures needed to effectively manage, and avoid administrative bottlenecks, during the next phases of the contract management process.
Next is the pre-contract period, reviews specific steps to go through during the post-negotiation phase of the contract. During this time you will want to review your contracts to check for errors that could potentially put your organization at risk, and take measures to organize your contracts for future optimization.
This section reflects on actions to take during the contract period which refers to the timeframe when the contract is active. During this time your organization should take measures to fully optimize your contracts and take measures to understand trends and opportunities with your contracts.
The final section addresses the post-contract period. This section reviews critical steps to take with your agreements during the time following the active contract period. It outlines items to consider when closing out a non-renewed contract.