Nonprofit Contracts: Protecting Your Organization

• Overview
• Credits

Gain a better understanding of the key nonprofit contract provisions to help identify, mitigate and eliminate risks.Perceived financial costs and related time constraints cause many nonprofits to enter into contracts while foregoing legal assistance and review. This approach can lead to serious risk exposures and lost opportunities for the organization. This topic can help the persons responsible for contract oversight to understand what key provisions mean, and how to negotiate them successfully on behalf of your organization. The content also explains how contracts fit into the overall risk architecture of the nonprofit organization, and what checks might need to be performed on key issues outside the four corners of the agreement. Failing to have a proper contract review process can lead to negotiation oversights and regulatory errors that could cost many thousands of dollars to remediate. This topic is critical for nonprofit personnel to identify, mitigate, and eliminate these risks.

Authors

Agenda

Basic Contract Principles

• Types of Contracts

• Offer, Acceptance, and Consideration

Key Provisions

• Representations and Warranties

• Termination Rights

• Indemnification

• Limitation of Liability (Waivers and Releases)

• The Miscellaneous Stuff - Force Majeure, Governing Law, Entire Agreement

Intersection With Other Governing Documents, Policies, and Procedures

• Articles and Bylaws

• Other Agreements

• Insurance Coverage and Risk

Special Considerations

• Contracts Where Directors Have a Financial Interest

• Sovereign Immunity

• Charitable Solicitation Agreements

• Endowment Agreements

• Employment Agreements, Terminations, and Releases