Lessons Learned: Contract Life Cycle Management Part Three

Lessons Learned is a virtual round-table event where UK Internal Audit’s (UKIA) team of professional business and IT consultants share information about current “hot topics” — actual incidents, conditions and audit trends here at UK (but not unit-identified) — that provide attendees with insights to improve operations and prevent similar activities from occurring in your units.

In this session, we’ll cover the final part of the contract management life cycle: contract adjustments. You’ll learn about common pitfalls to avoid when amending, renewing and closing your contracts to streamline the process and optimize vendor performance as the cycle begins anew.

Held on Zoom, the session is informal and interactive — we want participants to ask questions so you can get the answers you need to better protect the university and your unit.

Post-event note: UKIA worked with Procurement Services to provide more clarification on the questions relayed at the end regarding the $40,000 limit. The threshold for the vast majority of product or service types is indeed $40,000 per supplier, without regard for the variety of products purchased. The nuance referenced on the call pertained to construction bids, which were recently raised to $100,000 and personal service contracts, for which the threshold is just $10,000, and which was covered in the first Lessons Learned on contract management last October.