Formal Contracts vs PO only

We are working to improve our P2P and drive more volume on purchase order. Historically, we've been a contracts-driven organization - no contract, no pay. However, contracts and legal teams, while effective for reducing risk, are costly and sometimes excessive.

1. Did you structure your company's guidelines by category?

2. Does dollar value of the purchase effect the decision to use a formal, written agreement reviewed by an attorney? 

3. How else have you defined Risk in purchases to trigger Legal review? 

4. Specifically, which risks did you state require trigger for Legal review?

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