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Contract Risk Checklist: Initiate Review

This document is a checklist for reviewing contract risks. It contains sections for preparing for the review, conducting the review of various risk areas like resources, finance, legal, and technology, and following up on actions needed. The checklist ensures all key risk factors are addressed related to staffing, rates, deliverables, intellectual property, and the client's business environment before a contract is signed.

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ABINOU OUNIBA
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248 views3 pages

Contract Risk Checklist: Initiate Review

This document is a checklist for reviewing contract risks. It contains sections for preparing for the review, conducting the review of various risk areas like resources, finance, legal, and technology, and following up on actions needed. The checklist ensures all key risk factors are addressed related to staffing, rates, deliverables, intellectual property, and the client's business environment before a contract is signed.

Uploaded by

ABINOU OUNIBA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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Contract Risk Checklist

DONE / COMMENTS (If NO, provide comment) FOLLOW-UP FOLLOW-UP


ADDRESSED? DATE BY WHOM

PREPARATION YES or NO
Initiate Review
 Confirm review objective and agenda
 Confirm interview / workshop schedule
 Assemble project working documents, including:
 Proposal
 Statement of Work
 Acceptance Criteria
 Standard Contract
 Published Rates
 Bid Plan
 RFP (if available)
 Bid Review Process
REVIEW YES or NO
Resources
Are all partner and/or subcontractor agreements in place?
People
Are the staff’s resumes updated and in COMPANY standard
format?
Have we built in the appropriate lead time to resolve visa issues?

Are corporate and local policies in place to address issues such as


staff movement, travel, expenses, compensatory time,
accommodation, etc.?
Are we addressing individual needs for those on long-term
assignments (e.g., job rotation, creative staffing proposals)?
Will decent housing be available?
Are other terms and conditions within a bid addressed?
Finance
Has Finance signed off on the financial aspects of this contract?
If not using standard rates, why not?
If not using T&M rates, how were rates calculated?
Are the deliverables, and who is responsible, clearly defined?
Is there a clearly defined change management process?
Have we performed a risk assessment with contingency plans?
Will we achieve target margins?
Are there back to back warranty agreements for any pass-through
products?
Does a basic ordering agreement exist?
For multi-year contracts, have we built in rate increases?
Contract Risk Checklist

Have we incorporated currency considerations?


Legal
Does contract limit remedies and liabilities adequately?
Does the contract address assumptions, risk factors and project
planning?
Is there a mechanism to define project end?
Is a process in place to define acceptance criteria?
Does adequate and objective scope definition exist?
If the client is to provide any infrastructure components, are legal
remedies in place because of delay?
Has Legal Department signed off on the final contract?
Relationship
Have we ensured that any contractual requirements flow down to
any and all sub-contractual agreements?
Client Management
Have our expectations of our prospects been clearly
communicated (client participation in project, turnaround time for
review and/or acceptance, PCs, office space, desks, other
required resources, etc.)?
Have client productivity assumptions been established and agreed
with the Client?
Technology
Have the impact of software and hardware upgrades been
incorporated into the contract?
Business Environment
Have we addressed space, PC, cultural issues in prospect’s
environment?
Do we clearly understand the business benefits
(qualitative/quantitative) to the client?
Asset Management
Have we addressed intellectual property issues within the
contract?
ACTIONS AND FOLLOW UP YES or NO
Identify and Define Problems and Solutions
 New actual or potential issues and risks
 Prioritization of issues and risks
 Resolution and mitigation recommendations
 Step out of the box and ask, “What’s missing?”
 Solicit project manager’s self-assessment
Conclude Review
 Review previous actions
 Assign actions
 Prepare review findings
 Review and finalize findings
 Prepare internal report (not optional)
 Prepare client report (optional)
Contract Risk Checklist

 Obtain signoff
 Schedule next review

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