This SIG Member from the Buy-side is interested in how you summarize your final sourcing decision, contract details and terms for your stakeholders just prior to the final signature.
Currently at their organization the Executive Summary is used to help socialize contracts with signatories before they are sent out for signature. This Executive Summary also accompanies the final contract as it makes its way through internal signature (it is not shared with the vendor). They currently distribute this summary in a document (maximum of two pages) and presentation deck (two slides).
This Member is interested in knowing:
1. Do you require an Executive Summary with your contracts?
2. Is this for all contracts or are there certain parameters to trigger this summary, such as those that have a certain dollar value, risk level and/or type (e.g. SOW, MSA, other types)?
3. What is your process when drafting this document - does procurement draft it, does the business team, both?
4. What format do you use (Word, PPT, other)?
5. Is the document shared before and/or during the signature process?
6. And if it is shared, is it the responsibility of the analyst to share the document with all signatories (including C-Level executives) or is it the responsibility of management/leadership?
Of course, this Member would appreciate any examples and SIG will gladly scrub and remit for your approval before sharing. Please send to email@example.com. Thank you in advance