This checklist ensures that vendor contracts are reviewed, approved, and managed effectively to maintain compliance and leverage business relationships.
Determine the specific needs and requirements for each vendor that the organization intends to engage.
Conduct market research to find potential vendors that meet the identified requirements.
Send out requests for proposals (RFPs) to the shortlisted vendors, outlining the required services and expectations.
Review and analyze the submitted proposals based on criteria such as cost, service quality, and vendor reputation.
Engage in negotiations with the selected vendor to finalize terms, pricing, and service level agreements.
Submit the negotiated contract to relevant stakeholders for approval before finalizing.
Once approved, finalize the contract documents and have them signed by authorized personnel.
Set up a system for monitoring vendor performance, compliance, and any contractual obligations.
Plan periodic reviews of vendor contracts to assess performance and make necessary adjustments.