Contract Review and Approval Policy
A Standard Document providing a model contract review and approval policy for private employers to implement as a key internal control. This Standard Document establishes clear guidelines and procedures for the review, preparation, approval, and execution of contracts to protect the organization's interests. It details the process for employees to request contract assistance from an in-house legal department, identifying which contracts require legal review and which may be exempt. This policy clarifies the distinct roles and responsibilities of the business unit, the legal department, and authorized signatories throughout the contracting lifecycle. It addresses critical steps from preliminary discussions and submission for legal review to final execution, maintenance, and termination, helping organizations streamline their contract management process and mitigate risk. This Standard Document has integrated notes with important explanations and drafting tips.
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