We support you with any or all aspects of the renewal process

Planning

• If missing, build a contract overview based on available source material;
• Identify contracts nearing expiration;
• Per case: Review contract, Assess vendor performance and business requirements, and align on Budget.

Strategy

• Align on whether to renew, renegotiate, amend, or terminate the contract. This decision should be based on performance, future needs, market conditions, and strategic alignment.

Negotiate

• Based on internal assessments and market research, formulate a clear negotiation strategy, including desired terms, pricing, SLAs, and fallback positions;
• Initiate discussions with the incumbent vendor. Present findings from performance reviews and new requirements;
• Conduct negotiations to achieve favorable terms, improved service levels, updated pricing, and any necessary changes to scope or deliverables. Address any identified risks or pain points;
• Collaborate closely with the legal department to review all proposed changes, ensure compliance with relevant laws and regulations (e.g., data privacy, cybersecurity), and protect the organization’s interests.

Document

• Prepare the formal renewal document or an amendment to the original contract, reflecting all agreed-upon changes;
• Secure all necessary internal approvals from relevant stakeholders (e.g., IT leadership, finance, legal, business owners);
• Arrange signing of the renewed contract or amendment;
• Ensure the new contract terms, dates, and obligations are accurately updated in the contract management system and any other relevant internal systems;
• Inform all relevant internal and external stakeholders about the renewed contract, new terms, and any operational changes.