Contract Review and Approval Policy

Summary

This contract review and approval policy template can be used by a company to inform its employees how to request the legal review and approval of a contract from the company's in-house counsel. This template includes practical guidance and drafting notes. This template addresses the different types of contracts requiring legal review, when legal review is not necessary, the process for requesting review, and the approval and execution process. It also sets forth the general duties and responsibilities of those employees conducting the review and/or approving/executing the agreement. The policy assumes that the company is a private U.S. entity. It is not state or industry specific and as such, may require modification to comply with applicable state and/or foreign laws. Additionally, in developing a company's contract review and approval policy, counsel should take into consideration the types of agreements and related transactions that are most commonly entered into by the company. For a full listing of key content that can be used by in-house counsel to develop, revise, and implement a company's employee and third-party-related policies, see In-House Company Policies Resource Kit. For a full listing of related contract clauses, see General Commercial Contract Clause Resource Kit. For additional guidance, see Contract Management Process Checklist.