There comes a time in every organization, regardless of its size, when one or more contracts are about to expire and need to be renewed. Sometimes, this can bring feelings of uncertainty and anxiousness if there is no proper plan in place.
If you take the time and start preparing in advance, the contract renewal is likely to end up as you wish: with the ‘nice-to-have’ items on the list checked, the goals for pricing terms reached and the issues in the previous contract addressed (and solved).
Probably one of the most important things to keep in mind is that contract renewals are the perfect time to look for contract negotiation opportunities. However, you have to know what to look out for, so always be informed and stay in control.