A: Contracts (including leases) represent long-term commitment on the part of RHIT, with associated financial commitment and the risk of liability for unforeseen occurrences. The review process was implemented in order to insure the best use of the Institute's funds and minimize risk.
Q: What is the buyer or initiators responsibility?
A: As the initiator of the process, the buyer needs to be familiar with the contract and its terms. Submission for review implies that the buyer has read and approved the document and is recommending that it is in the best interest of RHIT to commit to it.
Q: What other areas will be covered by the reviewers?
A: Additional areas that the reviewers will discuss in more detail include the adequacy of liability insurance, specific payment terms (late fees, interest, taxes), presence of automatic renewal clauses, dispute and venue provisions, among others. Buyers are welcome to contact Administrative Services for a list of specific items.
Q: What other tips are available for buyers?
A: If there is the option of a shorter-term contract or no contract, while preserving the perceived benefit to RHIT, the buyer should explore these options. In general, the longer the term of the contract, the more risk there is of changing economic conditions, work flow, etc. that may lessen the contract's benefit to the Institute. The bottom line is that the buyer and the reviewers work together to protect RHIT's interests regardless of whether or not the agreement is a 'standard' contract recommended or 'required' by the vendor.