Upcoming contract renewal
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.
Common contract renewal challenges
What to pay attention to?
When the time comes to renew the contracts that you have with one or more software vendors, you usually check if the software is still in use and sign the new contract. But is that the only thing you have to pay attention to?
What are the contract renewal traps
Renewing a contract comes with its challenges, that’s for sure. A negotiation is never fun or easy, but that doesn’t mean you can’t be aware of potential traps and be prepared for it. Know what to look out for.
Can I get a better agreement?
Are the terms and conditions in the new contract you received unfavorable? How can you get the best deal? Find out tips & tricks to be prepared for the negotiations.