IT Examiner School, Providence, RI

Review of Contracts/Agreements

• An effective Vendor Management Program must include a review of contracts, service level agreements (SLAs), and licensing agreements by legal counsel.

Common Contract Elements

• Examples of contract elements that should be considered include:

- Scope of Service . The contract should clearly describe the rights and responsibilities of the parties to the contract.

- Performance Standards . Institutions should include performance standards that define minimum service level requirements and remedies for failure to meet standards in the contract. - Security and Confidentiality . The contract should address the service provider's responsibility for security and confidentiality of the institution's resources (e.g., information, hardware).