During the commodity price run up that lasted for a few years up until the last quarter of 2008, it was becoming increasingly common for suppliers to refuse to honor their contracts where the buyer would be paying far less than market price. Contracts had historically given sourcing professionals assurance that their price was “locked in,” but market practices in recent years blew that notion out of the water.

Now that commodity prices have fallen, many experts are saying that now is the time to lock in good pricing for the long term. And that’s good advice. But don’t forget that contractual relationships, for all their enforceability in court, are rarely litigated due to costs.

So, as you negotiate these best-price-in-years deals and report your estimated cost savings, don’t forget to document the risk of your supplier reneging on its contractual obligations. And, of course, any time you document a risk, you should also document your plans for mitigating that risk.

At some point, your stakeholders will be relying on your pricing arrangements for certainty. Documenting and communicating the risks up-front with the same energy that you document and communicate your estimated cost savings may save you from embarrassing moments later.