ANNOUNCEMENT: PROCUREMENT TEAM ANNOUNCES NEW CONTRACT SIGNATURE PROCESS AS BEST PRACTICE

PROCUREMENT TEAM ANNOUNCES NEW CONTRACT SIGNATURE PROCESS

 AS BEST PRACTICE

As shared on the Weekly Announcements Call, the Procurement team has a new
contract signature process best practice for all contracts (consulting, IT,
leases, etc.). Information on educational sessions will be shared soon, and
slides are available on Workplace linked here
<https://thekey.workplace.com/work/knowledge/1313045722594340>.

As our procurement policies evolve in line with transforming our company to
reduce variability of service and simplify processes, it is critical that
everyone follow this best practice to ensure alignment. The Procurement
team is focused on achieving transparency and spend control through formal
approval workflows and proper document management. The team looks forward
to working with the entire organization in this new approach and is always
available to answer any questions.

New Process:

   -

   The need for contract signature arises.
   -

   Requisitioner opens the Contract Signature Request document linked here
   <https://thekey.workplace.com/work/knowledge/1313045722594340> on
   Workplace.
   -

   Requisitioner reads instructions and opens the link to the questionnaire
   at the bottom of the document.
   -

   Requisitioner completes the questionnaire in its entirety and clicks the
   submit button
   -

   Requisitioner will receive a confirmation email from the Procurement
   team with a PDF attachment, confirming all information from the
   questionnaire.
   -

      Please notify Procurement if you don’t receive a response within 3
      business days.
      -

   Requisitioner attaches all relevant documentation to the response email
   (contract draft, terms, vendor information, etc.) and responds back via
   email.
   -

   Procurement and Legal teams review the request and supporting documents.
   -

      If approved, Procurement will initiate an approval workflow based on
      the contract value and obtain a contract signature from the appropriate
      personnel.
      -

      If rejected, Procurement will notify the requester and provide
      supporting reasons.


   -

   Once the contract signature is obtained, the Procurement team will
   notify the requester and share a copy of the signed document.


Please note: the Procurement team will no longer accept signature forms in
Word or email.

IMPORTANT TIPS:

   -

   All contracts committing the organization to any amount of spend must
   follow the outlined process as a best practice


   -

   Not included are contracts committing third parties to spend with The
   Key - i.e. supplemental staffing


   -

   Even with authority to sign a contract, it MUST go through this process
   for visibility, accountability and proper filing as a best practice.
   -

   Authority Limits are as follows:
   -

      High Level Contract Approval Limits:
      -

         Regional Directors:  $10,000
         -

         VP & Sr Directors: $25,000
         -

         Division Heads:  $50,000
         -

         CEO: $100,000

For questions please connect with Andreas Kozak at andreas.kozak@thekey.com
in Procurement.

Thank you for your dedication to TheKey’s mission and vision in service to
older adults and their families.
-- 

Best Regards,
Julia Natasha Watthey, MBA
Director, Corporate Communications
TheKey

www.thekey.com
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