TISCreport Contract Compliance FAQ

Frequently Asked Questions

TISCreport is used for contract compliance due diligence. You can find out more below.

What different requirements are assessed for contract compliance?
Contract compliance requirements can vary widely depending on the nature of the contract, the industry, and the applicable regulations. However, here is a general list of different requirements that are often assessed for contract compliance:
Legal and Regulatory Requirements: Ensure that the contract complies with all relevant laws and regulations, including industry-specific regulations, data protection laws, environmental regulations, employment laws, etc.
Performance Obligations: Fulfill the specific tasks, deliverables, or services outlined in the contract within the specified timeframes.
Quality Standards: Meet the quality standards or specifications detailed in the contract.
Data Privacy and Security: Protect and handle any personal or sensitive data in compliance with data protection laws and contractual privacy clauses.
Financial Obligations: Adhere to financial terms such as payment schedules, pricing, invoicing, and reporting requirements.
Insurance and Liability: Maintain appropriate insurance coverage and adhere to liability limitations as outlined in the contract.
Subcontracting and Third-Party Compliance: If allowed, ensure that any subcontractors or third parties involved in contract performance also comply with the contract's terms and relevant regulations.
Ethical and Anti-Corruption Requirements: Avoid conflicts of interest, bribery, corruption, and ensure ethical business practices.
Intellectual Property Rights: Respect and protect intellectual property rights as defined in the contract, including licensing, usage rights, and proprietary information.
Health and Safety Standards: Comply with health and safety regulations to ensure a safe working environment for employees and contractors.
Environmental Compliance: Adhere to environmental regulations and practices, especially if the contract involves activities that impact the environment.
Equal Opportunity and Diversity: Follow non-discriminatory practices in hiring, employment, and procurement, promoting equal opportunity and diversity.
Reporting and Documentation: Provide accurate and timely reports, documentation, and records as required by the contract and regulations.
Change Management: Manage changes to the contract scope or terms following proper change management procedures.
Dispute Resolution: Follow the contract's dispute resolution mechanisms in case of disagreements or disputes.
Audit and Inspection: Allow for audits or inspections by the contracting party or regulatory authorities to ensure compliance.
Force Majeure and Risk Mitigation: Address unforeseen events or risks that could impact the contract's performance through force majeure clauses or risk management strategies.
Termination and Exit: Adhere to the contract's provisions for termination or exit, including proper notification and transition processes.