The purpose of this policy is to establish guidelines and procedures to be followed by all employees of a company for legal review of proposed or actual activities and other matters related to vendors, which may impose a legal obligation to a company and required approvals prior to signing vendor contracts on behalf of the company.

This policy applies to any undertaking, agreement, or commitment by a company, its employees, agents or independent contractors that would create a legal obligation related to vendors on the part of a company, requiring prior Legal review and approval. Sections include: definition of a vendor “contract”, determination of vendor contract need, standard terms and conditions, etc.