SolidityScan’s Post

Here are 5 ways you can prepare yourself for a Smart Contract Audit https://lnkd.in/eTrnDK5t

The #Contract_Management_Scyle 1- Contract Creation (#Requotes): Concise, comprehensive contracts should outline the agreement's rights, obligations, and terms. 2- Contract #Authority : the approval process to obtain the required sign-offs from #authorized individuals or departments. 3- #Negotiation: which means that the parties engage in negotiations to reach mutually #acceptable terms.  4- #Review and #Approval: The approval authority levels and ensure compliance with internal #policies and procedures. 5- #Execution: To ensure it is properly executed by obtaining signatures from all #parties involved. 6- Contract #Monitoring:  Establish key performance indicators #KPIs and milestones to track #progress and identify deviations or potential #risks. 7- Contract #Renewal Maintain visibility into contract expiration dates to #initiate timely renewal discussions or #termination processes. 8- #Documentation: Document all #discussions, decisions, and #actions taken throughout the contract lifecycle to ensure a clear #audit trail.

1. Why is it necessary for a contract to have an effective governance framework? - Understanding the extent of Ownership of roles, responsibilities, & liabilities - For a clear, certain, and justifiable institutional framework - For a sustainable approach and process to performance 2. How can contracting style make the governance framework effective? - Balancing purely transactional clauses with the decision-making autonomy of parties - Moving from satisfactory choices to best-possible choices - Mitigating risk-averse clauses to enhance operational performance. - Handling less specific & more general principles  - Increasing incentives and measures to facilitate risk mitigation and expectation management Our contract course aims to enhance a drafter's ability to review and draft contract with conceptual clarity. If you want to build this ability, reach out to join this course.

Importance of a Detailed Scope of Work in Service Agreements In any service agreement, one of the most critical components is a clear and detailed Scope of Work (SOW). Without it, both parties risk misaligned expectations and potential conflicts down the road. Here's why a comprehensive SOW is a game changer: Clarity & Alignment – A well-defined SOW ensures both parties are on the same page about the project's deliverables, timelines, and expectations. This alignment is essential for smooth execution and mutual understanding. Setting Performance Standards – A clear SOW outlines specific milestones, quality standards, and performance metrics helping measure progress and ensure the service meets agreed upon criteria. Minimizing Disputes – When issues arise, a well-drafted SOW can serve as a reference point to resolve misunderstandings or disagreements efficiently, avoiding costly legal disputes. Remember, a well-structured Scope of Work is more than just a list of task. It’s a roadmap for successful transactions. #Contractdrafting #BusinessSuccess #Riskmanagement #inhouselegal #transactions

To my LinkedIn folks...is your organization or are your team members suffering from audit fatigue? A few questions that we hear popup below. *Tired of answering the same questions for multiple audits? *Difficulty adding frameworks to existing audits? *Trouble if a team member leaves while an audit is in process? *Difficulty connecting with an expert on a question? At KirkpatrickPrice we have developed our tool in-house called Online Audit Manager(OAM) to help our clients truly understand where they are in the audit process and to simplify things as much as possible. OAM can assist with all of these questions and so much more. Our tool supports over 75 different frameworks to make sure our team can be your trusted advisor for all types of audits. Connect with me for a short demo on OAM and how it can help you meet your audit goals.

Rushing through procurement documentation feels like a smart shortcut... until that dreaded audit letter lands on your desk. Those "quick" decisions without proper paper trails? They're career vampires waiting to strike. One missing document turns into 20 urgent emails and countless sleepless nights explaining yourself to auditors. Steal this hack: Build a simple decision template. Next time pressure hits, you'll nail your documentation in minutes instead of hours. #procurementlife #contractmanagement #publicprocurement #riskmanagement #compliancemanagement #auditready #procurementtips #supplychainmanagement

Lately, I’ve noticed a recurring misconception being shared about the difference between Contract Practice and Contract Administration. Many suggest that the former is exclusively related to the pre-contract stage and the latter to the post-contract stage. However, this definition is overly simplistic and incorrect. Let’s set the record straight: Contract Practice: refers to the broader application and management of contracts throughout the lifecycle of a project. It encompasses everything from the preparation, negotiation, and execution of contracts to ensuring that all parties involved understand and agree to the terms. It Includes tasks such as drafting contract documents, advising on appropriate forms of contract, amendments preparation, and ensuring compliance with legal and regulatory requirement. Contract Administration: involves the day-to-day monitoring of a contract once it has been signed to ensure that the contract terms are properly executed during the project. It includes tasks such as certifying payments, managing changes, resolving disputes, ensuring contractual obligations are met, and final settlement. The key distinction lies in their scope and focus, not in their timeline.

Are you effectively managing your contractual obligations? It's crucial to audit your performance regularly to ensure you're meeting expectations. Review contract terms to understand your responsibilities and obligations. Track deadlines to avoid missing important milestones. Monitor progress to ensure you're on track to deliver as promised. Document compliance to provide evidence of meeting contractual requirements. Take control of your contracts now to protect your business interests and maintain positive relationships with clients. #ContractManagement #BusinessTips #ComplianceAudit