This Contracts Policy serves as a crucial framework for ensuring that all agreements entered into by a company and its subsidiaries are thoroughly reviewed and managed. It outlines the necessary steps for initiating, creating, negotiating, executing and amending contracts, thereby safeguarding the company's rights and fulfilling its obligations. This policy is not just a guideline; it is an essential tool that promotes transparency and compliance in all contractual dealings. By establishing clear protocols for legal and financial reviews, signature authorizations, and contract storage, this policy ensures that every contract is meticulously crafted and maintained, protecting the company from potential risks.

With detailed procedures for various types of agreements, including non-disclosure agreements, sales contracts and strategic partnerships, this document is designed to enhance collaboration across departments while minimizing legal exposure. By implementing these best practices, your company can foster a culture of accountability and diligence, ultimately leading to more successful business relationships.

Sample procedures include:

• Only an authorized employee may sign a contract on behalf of the company or one of its subsidiaries.
• All original, signed contracts must be stored in a secure location by the person/department that originates and manages the contract.
• Accounting is responsible for monitoring and properly accounting for the financial implications of all contracts.