Cycle Times and Contract Timeframes
With the exception of construction and real estate contracts, typical Business Contracts Office (BCO) cycle times and estimated contract timeframes vary depending on a variety of key factors, including contract risk level, workload and current staffing levels. To understand estimated times, it is important to first know the following terms:
- TCM: Total Contracts Management module in Rowdy Exchange.
- BCO Cycle Time: the time from when a Contract Request has been received by BCO in TCM until the time BCO completes its first Full Review.
- Full Review: when BCO has fully reviewed the Agreement and moved it to the next stage in the process. An example of full review is when BCO has coordinated with the department, appropriately revised the agreement and sent it to the other party for review.
Variance Possibilities and Peak Times
BCO Cycle Times can vary by agreement and can depend on current workload and current staffing levels. The estimated time for full contract completion is a guesstimate based on general historical experience. Once BCO completes its first full review, remaining aspects are outside of BCO control, such as flexibility and response time of the other party, required secondary department reviews (i.e., Information Security) and business updates and approvals.
The peak workload time for our office is late June through October. During this time, BCO must necessarily prioritize contracts that effect current operational requirements. Proactive contract projects are difficult to prioritize during this period.
General Phases by Contract Type
|
Standard and Template Contracts |
||
|---|---|---|
|
Contract Type |
Typical BCO Cycle Time |
Estimated Time for Contract Execution |
|
Standard Low-Risk Agreements found on BCO’s Website |
2 Business Days |
3 Business Days |
|
Service Orders or SOWs under an Existing Master Agreement |
3-4 Business Days |
7-8 Business Days |
|
Non-Standard Agreements by Risk Level* (Those requiring revision and negotiation) |
||
|---|---|---|
|
Contract Risk Level |
Typical BCO Cycle Time |
Estimated Time for Full Contract Execution |
|
Low Complexity and Risk |
6 Business Days |
10-14 Business Days |
|
Moderate Complexity and Risk |
10 Business Days |
1-2 Months |
|
High Complexity and Risk |
14 Business Days |
3-4 Months |
* Risk level is determined almost entirely by the scope of obligations within a contract, although dollar value may have some impact on risk. For example, a hosted software agreement involving student data or other confidential or sensitive data will signify a higher risk agreement.
