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Agreement Approval Flow

Follow the below agreement approval flow if you have an agreement (Not SOF/ quotation) which needs to be signed

**Procurement sum LESS than USD 5,000 does not need to sign an agreement (except with CFO's approval)

Step 1: Any staff with a new agreement / renewal agreement (with ≥ 5% contractual price of the latest expired agreement) which needs to be signed, first need to fill in the Term Sheet for Agreement Approval (attached below)

  • If NOT  ≥ 5% contractual price of the latest expired agreement, pass the agreement to Legal to review directly

Step 2: Department Head review the term sheet

  • If approve term sheet, (1) sign the term sheet; and (2) brief CEO of the background and purpose of the agreement
  • If not approve the term sheet, need to re-negotiate the terms with counterparty

Step 3:  If CEO approves to proceed with the signing of Agreement, sign the term sheet

  • If not approve, handling staff needs to re-negotiate the terms with counterparty

Step 4: CFO reviews the term sheet

  • If approve the term sheet, pass the Agreement and term sheet to Legal for review
  • If disapprove the term sheet, handling staff needs to re-negotiate the terms with counterparty

Step 5: Legal reviews and revises the Agreement

  • gives legal opinion
  • discusses potential risk with CFO
  • sign the term sheet

Step 6: CFO conducts final checking on the Agreement & decides the authorized signee of the Agreement

  • sign the term sheet

Step 7: Authorized signee signs the Agreement

 

 

Term sheet for Agreement Approval: https://hubs.ly/Q01lCJJZ0