SayPro Contract Review Checklist Template

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1. Contract Start and End Dates

  • Start Date: Confirm the exact commencement date of the contract. Ensure that it aligns with the desired timeline and internal planning.
    • Is the start date clearly defined?
    • Does the start date consider any preconditions (e.g., initial deliveries, approvals)?
  • End Date: Confirm the contract’s expiration or completion date.
    • Is the end date mentioned explicitly?
    • Is there any provision for extension, and if so, how is this handled?
    • Does the end date account for all deliverables, milestones, or services?
  • Transition Period: Does the contract provide for a transition period upon expiration or termination to ensure a smooth handover or continuation of services?

2. Performance and Compliance Metrics

  • Key Performance Indicators (KPIs): Ensure that specific, measurable KPIs are outlined.
    • What metrics are being used to measure vendor performance? (e.g., quality of service, delivery timelines, customer satisfaction)
    • Are the KPIs reasonable and aligned with the company’s goals?
    • Is there a process for measuring and reporting on these KPIs?
  • Compliance Requirements: Confirm that all compliance obligations are clearly defined.
    • Are there any industry standards, regulations, or certifications that must be adhered to?
    • What are the penalties for non-compliance, and how are they enforced?
  • Service Level Agreements (SLAs): Are SLAs properly outlined and measurable?
    • Does the contract specify response times, uptime, support hours, or other critical factors?
    • How are SLA violations addressed?

3. Renewal Terms and Conditions

  • Automatic Renewal Clauses: Check if the contract has an automatic renewal clause.
    • How are renewals initiated (automatic, manual, or based on mutual agreement)?
    • What is the notice period for either party to opt out of renewal?
    • Does the renewal process require renegotiation of terms or a fixed cost increase?
  • Notice of Intent to Renew/Non-Renew: Are both parties required to notify each other of their intention to renew or terminate?
    • What is the time frame for sending out renewal notices?
    • Does the notice allow adequate time to review and negotiate changes to the contract?

4. Vendor Performance Review

  • Frequency of Reviews: Determine how often vendor performance will be reviewed.
    • Is there a formal schedule for performance evaluations?
    • How are the evaluations conducted (e.g., quarterly, annually)?
  • Review Criteria: Ensure the contract specifies the criteria for evaluating vendor performance.
    • What specific aspects will be reviewed (e.g., product quality, service reliability, customer support)?
    • Is there a formal process for addressing performance issues, such as corrective action plans or penalties?
  • Escalation Procedures: Identify the escalation process if performance does not meet expectations.
    • What happens if performance issues are identified during reviews?
    • How are conflicts or unresolved issues escalated to higher management or legal teams?

5. Contract Expiration and Renewal Deadlines

  • Expiration Date Review: Make sure all expiration dates are clearly identified.
    • Are deadlines for notification of expiration outlined?
    • Do both parties have sufficient time to discuss extensions, renewals, or new terms before expiration?
  • Grace Periods: Check if the contract allows any grace periods or contingencies.
    • Is there a buffer period in case of delays in negotiation or renewal?
    • Are there provisions for extension or late renegotiation?
  • Post-Expiration Actions: Ensure that actions are specified after the contract ends.
    • What steps need to be taken after expiration, such as returning intellectual property, ceasing services, or completing pending deliveries?
    • Are there any penalties or consequences for failing to meet deadlines?

6. Budget and Cost Projections

  • Total Contract Value: Review the total cost of the contract.
    • Is the total price explicitly stated, and does it account for all expected fees and charges (e.g., one-time fees, recurring fees, maintenance)?
  • Cost Breakdown: Ensure a detailed breakdown of costs is provided.
    • Does the contract specify payment schedules, milestones, and any other fees associated with the project?
    • Are there conditions under which costs could increase, and are these conditions clearly defined (e.g., inflation, exchange rates, additional services)?
  • Payment Terms: Confirm that payment terms are clearly outlined.
    • Are payment milestones tied to deliverables or specific dates?
    • Is there a late payment penalty clause?
    • Are any discounts for early payment specified?
  • Budget Flexibility: Check for clauses allowing for budget adjustments.
    • Can the contract’s cost structure be altered if additional work is required or if there are unforeseen circumstances?
    • Are there predefined procedures for budget adjustments and approvals?

Final Review Notes:

  • Ensure that all sections above are clearly and comprehensively addressed in the contract.
  • Double-check for any ambiguities or vague language that could lead to disputes.
  • Evaluate if the terms meet the organization’s legal, financial, and operational requirements.
  • Consider legal or financial counsel for clarification or adjustments.

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