1 / 10

Contract Review Process Round Table Corporate Counsel Section April 11, 2007

Contract Review Process Round Table Corporate Counsel Section April 11, 2007. Why is a contract review policy important:. Control measures Identifies types of documents that require legal review contracts, letter agreements, amendments, $ amount, etc Communicates an approval procedure

liam
Download Presentation

Contract Review Process Round Table Corporate Counsel Section April 11, 2007

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Contract Review ProcessRound TableCorporate Counsel SectionApril 11, 2007

  2. Why is a contract review policy important: Control measures • Identifies types of documents that require legal review • contracts, letter agreements, amendments, $ amount, etc • Communicates an approval procedure • Creates awareness of the need to have contracts reviewed by legal • Establishes signature authority • Limits the number of signatories • Sarbanes-Oxley compliance (public company)

  3. Why is a contract review policy important: Other Benefits • Organization of documents • Centralize process • Tracking capabilities • Uniformity of legal terms • Minimize any potential legal risks and liabilities • Monitoring • inserting legal review into the contract process has a side benefit of being able to orchestrate other company review and approvals, like finance, tax, business operations, etc.

  4. How to get it implemented • Everyone has a role • Can’t just be driven by legal. • Business, Finance and legal departments must work together • Executive Buy-in • Must have support of Executives • (CEO, CFO, Department Heads)

  5. How to get it implemented • Get the word out • Announce the policy and disseminate it.  • Part of new hire presentation • Educating veteran employee • Highlight signature authority area. • Train all signatories on the policy.  • Confirm their understanding that they cannot sign a document unless it has Legal’s approval. • Remember - It’s a team effort

  6. How to get it implemented • Draft a policy that works for your Company • Ensure your office is set up to handle the contract review workflow. • Manage turn-around time

  7. The Policy • Identify the role Legal is to play in your Company • Lead role in negotiating • sign off on already negotiated deals • Review and comment on changes to form docs • It is all up to you.

  8. The Policy • Elements to include in any Policy • Requirement of Legal Review for all contracts • Prohibit oral agreements • Describe Legal’s responsibility • Describe contracts that do NOT require legal review

  9. The Policy • Describe logistics of initiating legal review • Describe Signature and Delegation Authority

  10. Sample Forms

More Related