How do you evaluate the outcomes and benefits of your contracts against the agreed objectives and criteria?

All of the points above need to be defined and negotiated prior to signing the original agreement. If company needs or desires change then the agreement will have to be renegotiated which may result in the other party bringing forward changes they want to see.

Definition and agreement on the objectives is absolutely critical. It is impossible to meet an expectation that has not been articulated and agreed.

This article doesnt speak to who is performing this work which I think is important. Different internal groups may look at the contract differently and may engage with the vendor based on their view of the terms/outcomes. For example the agreement may have an audit clause which allows your company to audit bills/payments/etc however change may have been agreed to by the functional teams that may impact payment. My recommendation is to understand who internally who is to be involved in the collection of data and the review of it upfront so as to avoid conflicting work efforts.

It's interesting this talks about contracts in the past sense where instead they are live documents. You really need to assess the risk behind contracts too that you are taking in order to secure that deal. The longer ths contract goes on, your risk may increase or decrease, keep reviewing these rather than turning a blind eye to them.

I agree with Nadia Saleh's comments - contracts should be reviewed regularly. Understanding how the services are being used currently is vital to determining if the terms of the agreement are sufficient. For example, if the original contract did not anticipate PII being housed in a vendor's solution the agreement may not have addressed data privacy concerns, indemnification and insurance clauses correctly which could be bringing greater risk to your company

From my point of view the entire review process from the very beginning needs to be transparent to all parties. There may be unintended consequences of doing a contract review - for example, you may trigger an vendor audit of how your company is using the vendor's services/software.

I dont see this as the final step but rather the next step. Since negotiations happen at all levels of the organization, any findings or lessons learned should be shared broadly. Developing a continuous loop of applying lessons learned along with assessing the process can be very beneficial for the individual team members as well as the organization at large.

Communicate these out rather than just reviewing these and sticking them in one file. If you don't share this knowledge, the best practice won't be used.

Understand what your 'standard' contract says about you. While attorneys may want to insert clauses that are highly favorable to the company, the existence of requirements that are very one-sided, or which don't reflect the common standards of the industry, create an impression that you will be difficult to work with. This can create initial distrust prior to significant negotiation, raise costs, and damage a potential relationship.

One of the most important aspects to contract negotiations is remembering that if you don't get new business, there will be no more money for attorneys. The very best business attorneys are focused on how to assist business to happen, not how to crush it because it can't be a zero risk game. Business is about risk. New products and innovations need to break new ground... also risky. So make sure to keep your counselor laser focused on the right amount of risk that helps you to get the deal closed. This is true of any M&A deal and also even the most everyday of business contracts.

Excellent list - I would add: Innovation: Has the contract led to any innovation, either in the product/service provided or in the way work is done? Social Impact: What is the contract's impact on the wider community? This could include its effect on the environment, local economy etc. Partnership: How has the relationship between the parties evolved. Flexibility: Did the contract allow for flexibility and adaptation in the face of unforeseen circumstances or changes? Risk Management: How effectively were risks managed during the contract? Capacity Building: Has the contract contributed to capacity building for the client? Long-Term Value: Beyond immediate deliverables, has the contract created long-term value for your client?

Contracts are not always frozen in time. Look beyond the term, and consider what it would look like if you extended the term or used the expiring agreement as a basis for a new contract.