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Assess contract terms and document risk findings using digital contract risk assessment checklists.
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A contract risk assessment checklist is a document used by businesses to identify potential risks before or after agreeing upon a contract. This checklist typically helps businesses evaluate the scope of the contract, examine the proposed terms, review risks associated with location-specific obligations, and assess the risk of specific work tasks and other related contracts.
A contract risk assessment checklist gives contract and procurement managers a structured way to spot and address risks before they become legal and regulatory issues. It keeps the risk assessment process consistent across every contract review, ensuring all terms and conditions are taken into account. This allows teams to:
Catch financial exposure early: Teams can identify budget miscalculations, unfavorable payment terms, and liability gaps before a contract is signed, in line with ISO 31000:2018 risk evaluation principles.
Remain compliant: Using a checklist flags clauses that can cause issues with labor laws, data protection requirements, or safety obligations under ISO 37301:2021.
Reduce third-party and vendor risk: The guide systemizes assessments of supplier obligations and escalation paths to align with the collaborative risk standards.
Clarify performance expectations: A checklist documents scope, deliverables, and accountability, helping all parties align before work begins.
Protect against bribery and corruption risk: Teams can find non-compliant procurement and vendor terms as required by anti-bribery systems.
Build an audit trail: The structured guide helps document records of every assessment for internal review, dispute resolution, and compliance audits.
A contract risk assessment checklist must cover all key risk categories, review fields, and sign-off requirements to make every assessment thorough and consistent. Here's what a complete checklist includes:
Date of risk assessment
Names of reviewers involved
Budget and cost structure review
Rate calculations and payment terms
Liability caps and loss scenarios
Alignment with applicable laws and safety regulations
Labor rights and fair wage obligations
Required documentation and reporting obligations
Clarity of scope and deliverables
Realism of timelines and expectations
Conditions for termination or breach
Data privacy and protection clauses
Access controls for sensitive resources
Data breach notification requirements
Notes and recommendations
Signature of conductor
Contract managers and procurement leads must complete these steps to finish a contract risk assessment:
Fill in the basic review details, including the reviewer's name, date, and contract being assessed.
Go through each risk category and assess whether the contract terms meet legal, financial, and operational standards.
Identify and escalate any gaps, unclear clauses, or non-compliant terms. Add notes explaining the issue and its potential impact.
Attach supporting documents such as contract drafts, regulatory references, or legal opinions.
Complete the checklist with a reviewer sign-off.
Below is an example of a filled and completed contract risk assessment checklist:
Preview Contract Risk Assessment PDF Report
Today, digital technology is essential for quality control. Mitti (by SafetyCulture) enables us to focus on the essentials: checking compliance at the standards required by our customers.
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Download and use this contract review checklist template to conduct thorough checks and analyses on the contracts you draw up, assess, and sign. Fill in essential details to ensure no aspect or information gets overlooked during the review.
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A legal due diligence checklist is used by lawyers or legal advisors to check all legal documents and contracts for risks that may be hidden in legalese and uncover possible legal obligations.
