WHY THIS, NOT THAT™ CONTRACTS | The Contract Review Process


Know your company’s procurement and purchasing processes.


Assume that these processes are not relevant to the contract review process.


Purchase management must be a shared responsibility. Everyone involved in the process of buying and selling goods and services have a role to play in company decisions in this area because those decisions can impact the bottom line.

When you know your company’s processes thoroughly you will be in the best position possible to ensure that the contracts you are drafting, reviewing, and/or negotiating will meet the needs of your company.

Know if your company has payment terms rules. (How many days does it take to process a vendor payment?)

If your company has “net 30” day rule for payment, but the vendor contract has “net 10” day rule for payment along with a penalty for failure to make timely payments, you company may very well be incurring unnecessary late fees by paying invoices on a 30 day cycle.

If you ask the vendor to revise the contract to include a net 30 day, there will be no issue!

Interested in learning more? Join the convo on LinkedIn!

About the Author

More Articles

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Related Articles

Most Recent

Follow Contract Nerds

© 2022 Contract Nerds United, LLC. All rights reserved.
The opinions expressed throughout this website are not intended to provide legal advice or create an attorney-client relationship.

Subscribe to our weekly newsletter!
By subscribing to our newsletter, you agree to our Terms of Use and Privacy Policy. We promise not to spam you!
Contract Nerds Logo

Download PDF

[download id='9545']