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CONTRACT REVIEW CHECKLIST (change/address all issues checked) Name of Contract: ISSUE Current approved form? Yes No Prior Relationship with Vendor/Contractor? Yes No Insufficient originals Date: RESOLUTION

How to fill out contract review checklist

How to Fill Out Contract Review Checklist:

1. Start by carefully reading and understanding the contract. Make sure you comprehend the terms, conditions, and clauses mentioned.
2. Verify if all the necessary parties involved in the contract are correctly identified and included.
3. Ensure that the contract includes all the essential elements, such as the date, a clear description of the parties' obligations, payment terms, and any specific deadlines.
4. Review the terms and conditions to ensure they are fair, reasonable, and aligned with your interests and objectives.
5. Highlight any unclear or ambiguous language in the contract and seek clarification from the other party if necessary.
6. Check for any potential risks or liabilities mentioned in the contract, and assess if you are comfortable with taking on those risks.
7. Review the termination clause to understand the process and conditions under which either party can terminate the contract.
8. Make sure any specific requirements or conditions you have negotiated or agreed upon during the contract negotiation phase are accurately reflected in the final document.
9. Review any applicable laws, regulations, or industry standards that may impact the contract and ensure compliance with them.
10. Check if there are any confidentiality or non-disclosure agreements included, especially if sensitive information will be shared during the course of the contract.
11. Verify that the contract includes provisions for dispute resolution or alternative methods of dispute resolution, such as mediation or arbitration.
12. Consider seeking legal advice or consulting with relevant experts to ensure a thorough review of the contract.

Who Needs a Contract Review Checklist:

1. Businesses and organizations that regularly enter into contracts with other parties, such as vendors, suppliers, contractors, or clients.
2. Individuals involved in significant transactions, such as real estate purchases, financing agreements, or employment contracts.
3. Legal professionals or contract managers responsible for ensuring the accuracy, completeness, and compliance of contracts on behalf of their clients or organization.
4. Start-ups and entrepreneurs who may lack experience or knowledge in contract review and require additional guidance and support.
5. Anyone seeking to protect their interests and mitigate risks before entering into a legally binding agreement.
6. Organizations or individuals operating in highly regulated industries where contracts play a critical role in ensuring compliance and proper governance.
7. Parties involved in international contracts, where specific international laws, regulations, or cultural nuances may need to be considered.

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What is contract review checklist?

A contract review checklist is a document that outlines the key points to review in a contract before finalizing it.

Who is required to file contract review checklist?

Contract review checklists are typically required to be filed by legal departments or contract managers within a company.

How to fill out contract review checklist?

To fill out a contract review checklist, one must carefully review each section of the contract and ensure all necessary information is included.

What is the purpose of contract review checklist?

The purpose of a contract review checklist is to ensure that all aspects of a contract are thoroughly reviewed and no important details are overlooked.

What information must be reported on contract review checklist?

The contract review checklist should include details such as contract parties, key terms and conditions, payment terms, timelines, and any legal considerations.