SolidityScan’s Post

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.

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.

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.

One mistake nearly cost this subcontractor $1M… Would you risk it all based on a handshake deal? If not, read on. A subcontractor followed their Project Manager’s advice to bundle change orders into one claim, trusting it’d all get approved later. But when the closeout team arrived, they pulled a “payment on account” clause, rejecting everything due to missed contract notices. Suddenly, that million-dollar payout was at risk, just because compliance wasn’t rock-solid. Remember: verbal promises won’t hold if corporate governance steps in. Stick to strict contract terms—no shortcuts. Ever seen this happen? Drop your story in the comments.

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

Auditing only gives you a snapshot of how something is performing on that day. Establish clear criteria and audit it regularly to either evidence that it works well or to identify that it needs improving. If if regularly performs well, reduce the frequency and identify other areas to check.

what are the steps in the audit process Planning, Notification, opening meeting, Field work, Report drafting, Management response, Closing meeting and Final Audit report.

🔎 How to achieve seamless smart contract auditing? Here’s a short roadmap to prepare flawlessly for your project's audit. Find more details in our guide: https://lnkd.in/eqWmQDqZ #audit #auditprofessionals #auditingservices 

After decades of experience in auditing, I prefer conducting "process-based" audits and assessments(as outlined core business process in my client's manual) rather than "element/clause-based audit" sequence. It makes me easier to assign specific to my auditor team based on their expertise and lots of time saving. This is a sample how I draw up my guiding principles/sort of tabular/checklist. You can fill in the blanks and expand the table to tailor it to your specific requirements or the industry you are assessing.