Ensure that the contract is written clearly and is understandable.
Reexamine and confirm the organization's agreement with the rules that apply to sites shared with other subscribers.
Ensure that insurance coverage ties in with and covers all (or most) expenses of the disaster.
Ensure that tests can be performed at the hot site at regular intervals.
Review and evaluate communications requirements for the backup site.
Ensure that source code escrow is reviewed by a lawyer specializing in such contracts.
Determine the limitation recourse tolerance in the event of a breached agreement.