Understand pros/cons of using your company's vs. the agency's legal contract template, who to involve in this process, and important elements to include in the SOW (scope-of-work), e.g., evaluating performance against objectives.
- You've awarded your business to your new agency partner,…but you're not ready to start the relationship yet.…You first need to finalize the contract and scope of work.…This includes the legal aspects…of your arrangement and expectations,…such as projects, timing, and roles and responsibilities…on both ends.…Meet with your legal council,…they may have a contract template…and they'll be able to provide legal council…throughout this part of the process.…Here are some common things included in the contract.…
Team with roles and responsibilities,…evaluation process and timing,…any exclusive rights or noncompete agreements,…total price, including payment terms and conditions,…such as for fees or out of pocket expenses,…insurance, liability, and intellectual property details,…record retention policy, audit rights,…start and end date of the agreement,…including a termination clause,…and a clearly defined scope of work.…
The scope of work typically is an exhibit to the contract.…And exhibit is a supplement to the contract…
- Explain the role of an account manager in a marketing agency.
- Review information from a request for proposal before deciding which agencies will present a pitch.
- Identify the purpose of a non-disclosure agreement.
- Recognize the benefits of assigning a liaison as a point of contact.
- Define scope of work and explain why it is typically an exhibit to a contract.
- Determine the most effective way to manage risks before issuing a contract.