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Contract Risks

Contract Risks

It is inevitable, that at some stage in the life of an organisation, they will have a dispute with a third party. In the context of Procurisk®  we are focussing on suppliers and contractors.

The Contract Risk data set is designed to probe whether the supplier's contractual obligations are fully defined and set out, remedies are available and that adequate provision is made in the contract for all post-contract award activities, including contract management and a right of audit. Commercial organisations will have to consider the extent to which procurement should flow down a customer's contractual terms to the supply chain. All contracts that the organisation has with third parties must be visible through a contract register and each contract must be subjected to a robust risk assessment.

It is unlikely that a contractual "one size fits all" approach will cover off the necessary risks. This is the danger with Standard Forms of Contract. This data set of Procurisk®  explores the sources of contractual risk and will identify where actions need to be taken to ensure that appropriate contract risk mitigation strategies are in place. There are numerous business benefits that are likely to accrue, including less exposure to corporate reputational damage, disruption to service provision, managing purchase prices and the ability to recover damages to offset financial loss.

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