contracts checklist
1. Preliminary Considerations
- List all parties' full legal names.
- Include any entities or individuals.
- Clarify roles and responsibilities of each party.
- Verify the legal capacity to enter a contract.
- Clearly articulate the main objectives.
- Outline the scope of work or services.
- Identify key deliverables and outcomes.
- Ensure alignment with business goals.
- Choose the jurisdiction for legal matters.
- Consider where parties are located.
- Review applicable laws and regulations.
- Ensure mutual agreement on governing law.
- Evaluate complexity and value of the contract.
- Identify potential legal risks involved.
- Consider the experience of the parties.
- Determine if specialized legal advice is necessary.
2. Terms and Conditions
- Detail specific tasks and responsibilities.
- Identify deliverables and timelines.
- Clarify any exclusions or limitations.
- Ensure alignment with client expectations.
- Include necessary performance standards.
- State total contract value and currency.
- Outline payment schedule and milestones.
- Include methods of payment accepted.
- Describe any penalties for late payments.
- Clarify conditions for additional costs.
- Specify start and end dates.
- Include provisions for extensions.
- Mention any renewal options.
- Detail any conditions for early termination.
- Clarify timelines for deliverables.
- Define what information is confidential.
- Specify duration of confidentiality obligation.
- Outline permitted disclosures and exceptions.
- Include consequences for breaches.
- Ensure compliance with relevant laws.
- Specify conditions for termination by either party.
- Outline notice period required for termination.
- Detail consequences of termination.
- Include any obligations post-termination.
- Clarify rights to recover costs upon termination.
3. Legal Compliance
- Identify applicable laws and regulations.
- Review contract terms against legal requirements.
- Consult legal counsel for interpretation.
- Document compliance status and any issues.
- List all required licenses and permits.
- Confirm that licenses are current and valid.
- Gather documentation for all necessary permits.
- Schedule renewal dates for licenses and permits.
- Research industry standards and regulations.
- Identify specific compliance requirements for the sector.
- Review any additional certifications needed.
- Consult industry experts for guidance.
4. Risk Management
- Conduct a risk assessment to identify possible issues.
- Evaluate financial, legal, and operational risks.
- Engage stakeholders for input on potential risks.
- Document all identified risks for review.
- Draft clear indemnification language.
- Specify the parties responsible for indemnification.
- Outline the scope of indemnification coverage.
- Ensure compliance with applicable laws.
- Identify necessary types of insurance coverage.
- Consult with insurance providers for recommendations.
- Specify minimum coverage amounts in the contract.
- Require proof of insurance from all parties.
- Determine preferred methods for dispute resolution.
- Include arbitration or mediation clauses if applicable.
- Outline the process for initiating dispute resolution.
- Specify the governing law for disputes.
5. Review and Approval
- Schedule a meeting with all stakeholders.
- Distribute the draft contract in advance.
- Encourage feedback and questions during the review.
- Discuss key terms and conditions.
- Record any agreed changes for future reference.
- Identify all required signatories.
- Send the final draft for approval.
- Follow up on pending approvals regularly.
- Collect signatures in person or electronically.
- Ensure signed copies are stored securely.
- Log all changes made to the contract.
- Use version control to track amendments.
- Attach a summary of amendments for clarity.
- Have all parties review the final amended version.
- Confirm that amendments are included in the final document.
6. Post-Execution Actions
- Print multiple copies of the signed contract.
- Identify all parties involved in the agreement.
- Distribute copies via email or physical mail.
- Ensure each party acknowledges receipt.
- Store a copy in the contract management system.
- Review the contract for important dates.
- Create reminders in a calendar application.
- Set alerts for obligations, renewals, and deadlines.
- Share reminders with relevant team members.
- Regularly update reminders as needed.
- Establish a compliance tracking system.
- Assign responsibilities for monitoring obligations.
- Conduct regular reviews of contract performance.
- Document any issues or breaches promptly.
- Communicate with parties about compliance status.
Use in Manifestly