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What approach have you used when implementing a contract clause framework for third-party contracts?
- How do you prioritise which clauses to include
- how do you balance risk mitigation with maintaining strong supplier relationships?
- In which circumstances do you allow the Business to self source/procure
- Do you have contract template that anyone can use.
- Do you have fall back positions in place for some/every clause
- In which circumstances do you allow PO terms
When dealing with low value or 'low risk' is always a challenge. We have struggled to determine 'low risk' across all the various third party risks.