Contract Audit
/ˈkɒntrækt ˈɔːdɪt/
Definitions
- (n.) A systematic examination and evaluation of the financial, performance, and compliance aspects of a contract to ensure adherence to its terms and relevant laws.
The company commissioned a contract audit to verify that the vendor complied with all contractual obligations.
Forms
- contract audit
- contract audits
Related terms
See also
Commentary
Contract audits help identify risks and ensure accountability, often forming part of contract management and compliance functions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.