Contracting Strategies: Contract Review Checklist

UTMB as a partyUTMB should be listed as "The University of Texas Medical Branch at Galveston, a health institution of the University of Texas System, an agency of the State of Texas."
Party IdentifiersMake sure that the parties are appropriately identified - UTMB is accurately identified as the providing or purchasing party. The identifier for the each party is appropriate and consistent throughout the agreement.
Other partyOther party is clearly identified, matches signature blocks.
Party demographicsPlease verify current name, address, phone, fax of other party and of specific contact.
Effective dateFill in blanks. If effective date is to prior to signature date, include explanation.
End dateExcept for limited circumstances, contract should have a specific end date
Other datesMake sure dates are clear. For agreements in which payment is made over time or on partial performance, include payment dates.
DeliverablesInclude specific detail on reports (in or out), milestones, phase-approvals, etc.
RenewalMethod of renewing or extending agreement clear.
TerminationMethod of terminating agreement, both with and without cause is clear.
AmendmentMethod of making changes or adding to agreement is clear.
CompletenessAll exhibits, attachments, schedules, Statement of Work, etc. are complete and attached?
Early terminationResults are acceptable to department - payout, etc.
Signatory Authority for UTMBSignature block for delegated signatory authority is complete and accurate.
Signatory Authority for other partySignatory Authority for other party
PaymentPayment schedule is clear. Elements needed to approve invoices, clear dates.