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Checklist - 3rd Party Contracts

A checklist for reviewing 3rd party contracts

The Problem

Reviewing third party contracts is time consuming and hard.

Related challenges include:

  • third party paper is not drafted with your group legal policy in mind
  • the quality of third party paper varies enormously
  • anything unfamiliar takes a longer time to review and negotiate
  • limiting comments to major issues takes discipline
  • it is harder to leverage junior resources on third party paper
  • your team is already stretched
  • the smaller your company is, the more third-party paper you face
  • your team still has to sign-off on third party paper

Wouldn’t it be good if everyone in your business knew what to look for and could do so efficiently?

The GLS Solution

GLS 3rd Party Paper Checklist™ delivers a comprehensive checklist of essential issues, making the rapid review of third-party paper a truly simple task.

No matter how expert your team is, GLS 3rd Party Paper Checklist™ will improve outcomes by ensuring a high-water mark review is carried out super-efficiently each and every time.

No single tool is more effective at guarding your business from errors of ignorance (mistakes due to not knowing enough), and errors of ineptitude (mistakes due to not using what you know). 

GLS 3rd Party Paper Checklist™ instantly helps your team achieve better, faster, cheaper and safer contracting.

Problem solved.

Solution Deliverables

Big 6 Risk Issues:A checklist for liability, indemnities, warranties, termination, remedies, IPR, and title & risk scenarios.
Contract Sentinel:The ultimate checklist for every aspect of a commercial agreement.
Customisable:Our checklists can be calibrated for any contracting scenario you require (optional).
Legal Policy Compliant:Specific calibration to your group legal policy (optional).
User Guidance: User friendly guidance on effective checklist usage.
Self-improving:Guidance on how to continually improve your checklist.
GLS Update:Annual review and update of your checklist is available for 25% of the purchase price.
Automation Ready:Our checklists can readily automatable.
Response capable:A library of attendant review responses to speed up negotiations (optional).

Solution SLA Options and US$ Pricing

Column oneColumn twoColumn threeColumn fourColumn five
DeliverableBasicStandardAdvancedComplete
Big 6 Checklist
GLS Update
Procurement Companion
Calibrated to Group Legal Policy
User Training (2 hour session)
Contract Sentinel
$1,990$12,500$19,850$59,000

Pricing Comparison

GLS gives you the ability to conduct a world-class legal risk review each and every time for just $1,990.

Big Law ReviewUS RateGLS CostMinutes
Partner$850$1,9902h 20m 47s
Senior Associate$640$1,9903h 6m 56s
Blended$520$1,9903h 50m 1s
Associate$480$1,9904h 9m 15s
Junior Associate$400$1,9904h 58m 50s

GLS RPLV Legal Operations Score

This solution’s GLS RPLV impact score:

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Resource Status: Specialist Repeater Formative
Ease of Implementation: Complex Average Easy
Value Demonstration/Visibility: Low Medium High
Productivity Leverage Profile: Low Medium High
IHL Line Optimisation: Single Multiple All Lines

IHL Critical Function Optimisation Targets

This solution enhances performance across the following critical in-house functions:

In-House Legal: Critical Functions / Processes

Contracting

Legal Tech

Compliance

Managed Service

Human Capital

Service Provider

Knowledge

GLS has identified 15 critical in-house processes/functions that are present in every world-class legal department. To learn what these functions are, their composition and how they interrelate to deliver efficient legal team performance outcomes - visit here.

FREE DOWNLOAD: GLS’s Ultimate Guide to Legal Operations.

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