To achieve value for money, you should ensure both the entity and the supplier meet their obligations under the contract.
During the life of the contract, you should review the contract periodically to assess if you are meeting the contract outcomes or they are on track to be met. You should also assess whether the contract continues to accurately reflect your entity's requirements. This may be through regular contract review meetings or through a reporting schedule. The timing and frequency of contract reviews is driven by factors including contract risks and duration. For long term or high risk contracts, you might require monthly performance reviews, and for low risk contracts, you might need an annual review.
You should also do a formal review when deciding whether to extend a contract (see section 2.13 Managing contract extensions or renewal).