CIO Wisdom II: More Best Practices

Documenting Key Assumptions

Vendors and customers almost always enter into contracts with assumptions about factors that impact the cost, difficulty, or inconvenience of performing under the contract, such as access to the work environment, coordination with other vendors, and cooperation between your company and vendors. You must make sure that the contract sets forth the assumptions that will apply. If not, you run the risk of litigation if the parties had different assumptions on key points or if the contract does not clearly set forth the operative assumptions.

Identify Your Company's Key Assumptions Regarding Contract Performance

The best way to identify the key assumptions for your company is to examine the factors that will affect your ...