What are effective practices for reviewing a sales contract with a government agency?

1 Know the rules

Before you sign a sales contract with a government agency, you need to familiarize yourself with the rules and standards that apply to your industry, product, or service. These may include federal, state, or local laws, regulations, policies, or guidelines that govern the procurement, delivery, performance, and payment of your contract. You also need to know the specific terms and conditions of the contract, such as the scope, schedule, budget, quality, risk, and reporting requirements. You should review the contract carefully and ask questions or seek clarification if anything is unclear or ambiguous.

3 Involve the stakeholders

Reviewing a sales contract with a government agency is not a solo task. It involves multiple stakeholders who have different roles, responsibilities, and interests in the contract. You should involve the relevant stakeholders in the review process, such as your legal, financial, technical, or operational teams, as well as your managers, partners, or suppliers. You should communicate with them regularly and solicit their feedback and input. You should also coordinate with the government agency's representatives, such as the contracting officer, the program manager, or the end user, and build rapport and trust with them.

4 Document the changes

As you review a sales contract with a government agency, you may encounter changes, modifications, or amendments that affect the contract. These may be due to errors, omissions, clarifications, or negotiations. You should document any changes that occur in the review process and ensure that they are reflected in the final version of the contract. You should also obtain the written approval and signature of the authorized parties for any changes that alter the scope, schedule, budget, or performance of the contract.

5 Review the deliverables

After you sign a sales contract with a government agency, you need to review the deliverables that you are required to provide under the contract. These may include products, services, reports, invoices, or other documents. You should ensure that the deliverables meet the quality, quantity, and timeliness standards specified in the contract. You should also verify that the deliverables comply with the applicable rules and regulations and that they are consistent with the expectations and needs of the government agency.

6 Monitor the performance

The review process does not end when you sign a sales contract with a government agency. It continues throughout the duration of the contract. You need to monitor the performance of the contract and evaluate whether you are meeting the objectives, milestones, and outcomes of the contract. You should also track the costs, revenues, and profits of the contract and compare them with the budget and forecast. You should report any issues, problems, or risks that may affect the contract and resolve them promptly and effectively.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?