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EFFECTIVE DATE 6 NOVEMBER 2017 AS MODIFIED ON APRIL 30, 2021FOMB POLICY: REVIEW OF CONTRACTS AUTHORITY This BOMB Policy (the Policy) is established pursuant to Section 204(b)(2) of PROM ESA to require
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How to fill out review of contracts authority

01
Identify the types of contracts that need review authority, such as partnership agreements, vendor contracts, or employment contracts.
02
Establish a process for requesting and obtaining review authority, including designated individuals or departments responsible for reviewing contracts.
03
Set criteria for determining the level of review authority needed for each type of contract, based on factors like financial impact, legal complexity, and potential risks.
04
Document the review authority process in a clear and comprehensive policy or guideline document.
05
Train relevant staff members on the review authority process and provide resources for them to reference when needed.
06
Regularly monitor and assess the effectiveness of the review authority process, making updates and improvements as necessary.

Who needs review of contracts authority?

01
Businesses of all sizes that regularly enter into contracts with vendors, partners, employees, or other third parties.
02
Legal departments or compliance teams within organizations that are responsible for ensuring contract terms comply with laws and regulations.
03
Contract managers or procurement professionals who are tasked with negotiating and finalizing contracts on behalf of their organization.
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Review of contracts authority is the legal permission or authorization granted to an individual or entity to review and approve contracts on behalf of an organization.
Individuals or entities involved in contract review and approval processes within an organization are typically required to file review of contracts authority.
Review of contracts authority can be filled out by providing the necessary information requested in the designated form or document provided by the organization.
The purpose of review of contracts authority is to ensure that contracts entered into by an organization are reviewed and approved by authorized individuals to mitigate legal and financial risks.
Information such as the names of the individuals authorized to review contracts, the scope of their authority, and any limitations or restrictions must be reported on review of contracts authority.
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