How To write Contracts for Procurement Professionals

Procurement professionals are often required to draft or review contracts while not being contract specialists. At the end of the procurement award process, the next step is to draft a contract with the vendor. This contract will determine whether the vendor is controlled by the terms of the contract or is able to avoid being responsible.

This program is from the perspective of a procurement professional with many years of experience dealing with contracts and not from an attorney. Areas covered will be terms to use in drafting a contract, some common term definitions, as well as terms to include and terms to avoid. While this is mainly covering how to draft a contract the issues around vendor-initiated contracts will also be discussed. Part of the program will include reviewing a sample contract and discussing the various parts of the contract including such things as payment terms, cancellation provisions, renewals, and escalation clauses. 

Attendees will know the different sections and attachments of a contract and how to arrange them. Participants will learn how to prevent creating problems for themselves in the way they create their contracts and know what terms to include to protect your organization.

The program will conclude with information on how to manage your vendor contract and how to avoid pitfalls.

In this webinar, you will learn to draft a standard vendor contract that will assist you in meeting your goals as a procurement professional and meeting the needs of your organization. It will give you an understanding of what standard terms to include in your contracts and what they mean.

This webinar will focus on terms that may impact your contract and your employer. Get a head start on what to look out for in a common vendor agreement. Discover what terms to include to strengthen the position of your company or agency.

Attendees will gain an understanding of what terms may be considered deal breakers vs. a business decision. The webinar will further provide information on the importance of terms to be used to prevent being held hostage by an underperforming vendor under contract.

Key Learning Objectives of this Topic are :  

• Identify the different sections of a contract and how to arrange them
• Understand standard contract term definitions
• How to prevent creating problems for yourself in the way you create your contract
• Know what terms to include to protect your organization
• How to manage your vendor contracts
• How to avoid pitfalls

• Preamble
• Procurement Documents as Attachments
• Scope of Work
• Payment Terms
• Term Dates and Renewals
• Escalation Clauses
• Termination Clauses
        • For Cause
        • For Convenience
• Jurisdiction
• Arbitration
• Insurance
• Bonding
• Indemnification
• Direct Damages
• Indirect Damages
• Terms to Avoid
• General Terms and Conditions of Your Organization
• Final Agreement Between the Parties
• Independent Contractor Provision
• Waiver of Enforcement
• Responsibility of the Contractor
        • Determination
        • Written Notice
        • Suspension
        • Ability to Cancel
        • Replacing the Contractor
• Penalty Clauses
• Order of Precedence
• Contract Draft Legal Review
• Signatures Notarized
• Attachments/Exhibits
• Contract Amendments
• Contract Administration

Drafting contracts for procurement professionals is a nuanced task that requires a comprehensive understanding of legal intricacies, business requirements, and industry standards. Procurement contracts play a pivotal role in defining the terms and conditions of agreements between buyers and suppliers. Whether managing vendor relationships, ensuring regulatory compliance, or mitigating potential risks, effective contract drafting is a cornerstone for procurement professionals seeking to drive positive outcomes in their organizations.