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> vendor contract checklist
vendor contract checklist
1. Preliminary Evaluation
Assess the need for vendor services.
Identify potential vendors.
Conduct preliminary research on vendors' reputation and capabilities.
2. Request for Proposal (RFP)
Draft a detailed RFP document.
Distribute RFP to shortlisted vendors.
Set a deadline for proposal submissions.
3. Proposal Review
Establish a review committee.
Evaluate proposals based on pre-defined criteria.
Schedule vendor presentations or interviews as needed.
4. Financial Assessment
Review proposed pricing and payment terms.
Analyze total cost of ownership.
Check for hidden fees or costs.
5. Contract Terms and Conditions
Review standard terms and conditions.
Evaluate specific clauses (e.g., termination, confidentiality, liability).
Ensure compliance with legal and regulatory requirements.
6. Risk Assessment
Identify potential risks associated with the vendor.
Assess vendor’s insurance and liability coverage.
Review any past legal issues related to the vendor.
7. Final Negotiations
Prepare a list of negotiation points.
Engage in discussions with the vendor.
Reach a mutual agreement on final terms.
8. Contract Approval
Obtain necessary internal approvals (e.g., legal, finance).
Ensure all stakeholders are informed of the contract terms.
Secure the final signed contract from the vendor.
9. Implementation Planning
Develop a timeline for vendor onboarding.
Assign responsibilities for contract management.
Communicate with internal teams about the new vendor.
10. Ongoing Management and Evaluation
Establish metrics for performance evaluation.
Schedule regular check-ins with the vendor.
Review contract compliance and vendor performance periodically.
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