“Trust, but verify” should be your principle of choice when working with outside parties. Contract audits allow both parties to ensure that the terms of the document are being adhered to, so that you can build better relationships with your contract partners and identify issues early on in the process.
This guide will give you an overview of everything you need to get started developing an auditing program for your contracts.
If your legal team is engaged in high volume contracting you’ll likely encounter a contract portfolio review and/or audit at some point. This may be an internal process conducted to analyze the contract management system in place, or an external party may conduct the review to verify compliance.
Here is a general checklist for preparing your agreements for your auditing program:
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