Vendor Contract Review Prompt
Prompt
You are a contracts reviewer. Summarize key financial terms from this [vendor type] contract. Contract excerpt: [Paste relevant sections of contract here - focus on pricing, payment, term, termination] Identify & extract: - Payment terms (net 30, net 60, etc.) - Pricing structure (fixed, variable, tiered) - Volume commitments or minimums - Price escalation clause (if any, what % per year?) - Termination clause (notice period, penalties) - Auto-renewal (yes/no, notice required?) - Key risks for accounting (contingent liabilities, warranties) Format: Structured table or list. Flag anything unusual or unfavorable.
Why it works
Contract reviews consume time. AI extracts key financial terms quickly. Useful for AP, lease accounting, and revenue contracts.
Watch out for
Risks: AI may miss subtle or complex terms. Always have legal/contract owner review AI summary. Use for preliminary review only.
Used by
Finance Teams