At our bank, we don't have one person who is responsible for contracts. We have a Vendor Owner, the person who chose the vendor and then works directly with them to negotiate terms. We have a group of Risk SMEs who were part of the vendor approval process and who then review the contract to ensure it protects us. We've actually not onboarded a significant vendor since incorporating this terminology into this "considerations" document, which is used more as a checklist/ guiding document. We don't always have good luck getting vendors to change their contract terms at our request. We try but aren't always successful.
Original Message:
Sent: 02-02-2024 02:44 PM
From: Anonymous Member
Subject: Contract Checklist
This message was posted by a user wishing to remain anonymous
Kelly, thank you so much for providing this document. We're optimizing our process and having these kinds of discussions with our stakeholders. I did have a question for you. Under your Nature and Scope section, it states (regarding Significant vendors) ensuring certain languages being incorporated into the contract.
Does this mean, that you or your stakeholders are looking for this verbiage in the vendor contract or do you have a separate document that your vendor partners are reviewing/signing? Is your team using this document as a checklist or is this responsibility at the vendor/stakeholder level Thank you!
Original Message:
Sent: 02-01-2024 04:01 PM
From: Kelly Pickle
Subject: Contract Checklist
Here's the document we have/ use. We're trying to figure out how to make it more user friendly while still containing the explanations. I, too, would be open to seeing what others do/ use.
Original Message:
Sent: 02-01-2024 03:30 PM
From: Jody Gentemann
Subject: Contract Checklist
Hi Frances,
I have a contract checklist that is very dated. I'd be interested in anyone's updated checklist if you're able to share! Thanks!
Original Message:
Sent: 02-01-2024 01:57 PM
From: Frances Bussart
Subject: Contract Checklist
Hello, does anyone have a contract checklist they would share? I'm looking for a checklist to help with the review of new and upcoming renewal contracts to ensure certain items are included in the contracts. Thank you.