Contract Strategy
Helping you make the right decision.
Tailoring your contract strategy to your organization's specific needs, industry regulations, and internal policies.
1. Executive Summary
In this section, provide a brief overview of the contract strategy, its objectives, and its importance to the organization.
2. Objectives
Outline the main objectives of your contract strategy. These could include:
a. Minimizing legal and financial risks associated with contracts. b. Streamlining the contract lifecycle, from initiation to execution and management. c. Ensuring compliance with laws and regulations. d. Achieving cost savings and maximizing value in vendor contracts. e. Enhancing contract visibility and accountability within the organization.
3. Stakeholders
Identify key stakeholders involved in the contract process, including legal, procurement, finance, and business units. Define their roles and responsibilities in contract management.
4. Risk Assessment
Conduct a risk assessment to identify potential risks associated with contracts. Categorize risks as legal, financial, operational, or reputational, and prioritize them based on severity.
5. Contract Types
Define the various types of contracts your organization commonly uses, such as sales agreements, vendor contracts, employment contracts, and confidentiality agreements.
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6. Contract Lifecycle
Describe the contract lifecycle stages, including:
a. Contract initiation and request.
b. Contract drafting and negotiation.
c. Contract execution and approval.
d. Contract storage and access. e. Contract monitoring and compliance.
f. Contract renewal, amendment, and termination.
7. Contract Management Tools and Technology
Specify the tools, software, and technology that will support contract management, including contract management software, electronic signature solutions, and document storage systems.
8. Standard Templates
Develop standardized contract templates for common contract types to streamline the drafting process and ensure consistency.
9. Approval Workflow
Outline the approval process for contracts, including who has the authority to approve contracts at different value thresholds.
10. Training and Education
Detail the training programs and resources available to educate employees and stakeholders on contract policies, procedures, and best practices.
11. Compliance and Auditing
Explain how the organization will ensure compliance with contractual obligations and regulatory requirements, and describe the auditing processes to monitor adherence.
12. Vendor Management
If applicable, describe the vendor management approach, including vendor evaluation, performance monitoring, and dispute resolution processes.
13. Continuous Improvement
Explain how the organization will continuously review and improve the contract management process, incorporating feedback and lessons learned.
14. Communication Plan
Define the communication plan for stakeholders involved in contract management, including regular updates and reporting.
15. Budget and Resources
Provide an estimate of the budget and resources required to implement and maintain the contract strategy.
16. Approval and Review
Specify the approval process for this contract strategy and establish a regular review schedule to ensure its effectiveness and relevance.
17. Appendices
Include any supporting documents, templates, or references that are relevant to the contract strategy.
Client Stories
A client success story from Alfredo Zennamo, the CEO of Genesis Disposables, LLC.
We specialize in manufacturing hospital gowns, exam shorts, urology exam products, and various medical supplies for both commercial clients and different units within the United States Department of Defense. There was a significant opportunity when we were bidding on a contract to supply Tyvek coveralls to a U.S. Navy Command in Philadelphia, PA.
Client: Alfredo Zennamo
However, one crucial requirement was compliance with the Buy American Act, specifically FAR 52.225-1, which stipulates that at least 60% of the product's cost must come from components made in the United States. The challenge was that purchasing American-made materials would have driven up our costs, potentially making our offer uncompetitive. That's when I turned to Mr. Michael Vecchio for guidance.
Client Story
Michael advised us to respond to the solicitation by committing to a "good faith effort" to meet the Buy American Act's requirements through negotiations with U.S. textile suppliers. Michael's assistance was instrumental in helping us win the contract. He meticulously analyzed the complex requirements of FAR 52.225-1, Buy American-Supplies, and guided us in crafting a response that not only adhered to the legal aspects but also positioned us competitively in the government contracting landscape. His expertise was invaluable in navigating the intricacies of government procurement, ultimately leading to our success in securing the contract.
Success from Vecchio
