Gather contracts for situation assessment in the pandemic

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Create a vendor file and compile the following information on each:

• 1. Vendor name
  2. Synopsis of contract (what is it for)
  3. Key Contacts & information (phone and email) for any issues or renegotiations
  4. Contract Start and End date
  5. Contract Term
  6. Contract Value
  7. Lead time for renewal
  8. Obligations such as ‘Minimum spend clauses’, insurance certificates, etc.
  9. Contract risks
  10. Payment terms (not always the same as what is on the invoice) use this instead to pay invoices if you have better contractual terms

RESOURCES

• The Implications of Coronavirus (COVID-19) on Contractual Performance and Negotiations – JDSUPRA

Contributor:

Cassandra Solomon