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Contract Review & Approval Policy

Contract Review & Approval Policy

1. Purpose

To ensure all contracts entered into by Mototolo Platinum Mine are reviewed, assessed, and approved in accordance with legal, operational, financial, and risk management standards. This policy safeguards the integrity of business transactions and aligns them with strategic objectives and regulatory requirements.

2. Scope

This policy applies to all departments, business units, and personnel involved in:

  • Drafting, negotiating, or signing contracts

  • Procurement and vendor agreements

  • Lease, service, and consulting agreements

  • Supply contracts (including fuel and HAZMAT-related)

  • Confidentiality agreements (NDAs)

  • Amendments, renewals, and terminations

3. Answer

  • Originating Department: Initiates contract and provides supporting documentation

  • Legal/Compliance Unit: Reviews for legal soundness, regulatory compliance, and risk exposure

  • Finance Department: Reviews pricing, payment terms, budget alignment, and cost implications

  • General Manager / Executive Office: Final sign-off as per Delegation of Authority (DoA)

  • Account Ensures final document storage and version control

4. Review Process

Stage Activity Responsible Party
Drafting Prepare or receive initial contract Originating Department
Legal Review Check clauses, liabilities, confidentiality Alloy
Financial Review Validate commercial terms, VAT, penalties Finance Manager
Operational Review Ensure feasibility and alignment with ops Relevant Manager (e.g., Supply)
Approves Endorsement as per DoA General Manager / Directors
Execution Official signature Authorized Signatory
Archiving Store final contract Contracts Admin / Legal Office

5. Key Approval Criteria

  • Clear deliverables and timelines

  • Transparent pricing and payment terms

  • Indemnities, warranties, and liability clauses aligned with risk appetite

  • Compliance with B-BBEE, HAZMAT, safety, and tax regulations

  • Alignment with procurement strategy and compliance obligations

6. Delegation of Authority (DoA)

Only duly authorized personnel may sign contracts on behalf of Mototolo Platinum. Unauthorized signatures are non-binding and subject to disciplinary procedures. A formal DoA matrix must be followed.

7. Contract Amendments

All contract changes, extensions, or terminations must:

  • Follow the same review and approval steps

  • Be documented in writing and signed by all parties

  • Be archived with the original contract record

8. Contract Storage & Confidentiality

  • All signed contracts must be stored in a central digital repository or secure file

  • Access is limited to authorized staff

  • Contracts involving sensitive data must be marked Confidential and managed per the company’s NDA and data protection policies

9. Monitors

Periodic internal audits will be conducted to:

  • Ensure adherence to this policy

  • Identify deviations or risks

  • Strengthen compliance and record-keeping

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