When we become your Virtual Contract Management Office, we review your vendor contracts and:
- Conduct a vendor cost saving assessment and compare your pricing to our VendorVault™ to identify contracts that have the most savings potential
- Conduct a vendor contract risk review and identify which key terms need to be addressed in your next negotiation
- Extract the review, notification, and renewal dates and load them into our vendor contract management software to automate renewal notifications
- Establish a contract negotiation action plan with dates and responsibilities
- Monthly check-in calls to discuss new/upcoming contracts for review, contract renewals to negotiate and to review your contract negotiation action plan
As an option, we can negotiate your vendor contract for you.
- Dedicated vendor management contract specialist to load contracts and key dates in Vendor Impact software
- Includes a contract review to identify provisions that need to be changed ahead of your renewal negotiation
- Includes recommendations on where to save money
- Above and beyond. Our vendor contract consultants can also help negotiate your contracts for better risk reduction, vendor performance, and vendor cost reduction.
- Examiner-approved. Our contract risk review, scoring process and risk scorecards have been approved by every regulatory agency.
- Vendor Impact software is included at no charge but you don’t need to use it to enjoy the benefits
So, What Makes Us Different?
DO IT FOR ME
Let us gather and review your vendor contracts, so you can focus your time on making the best business decisions from our recommendations. Let us create your contract renewal and notification reminder ticklers, so contracts don’t auto-renew on you. And let us negotiate your vendor contracts for you.
WE KNOW WHAT VENDORS WILL CONCEDE
In negotiating more than 2,000 vendor contracts on behalf of banks and credit unions, we have learned exactly what language, pricing and service level agreements (SLAs) each major vendor is willing to, and unwilling to, change in their contracts. So, would you rather have a paralegal tell you all the theoretical language changes you could wastefully pursue or would you rather learn realistic solutions to vendor contract risk issues.
Many competing vendor management software and services are actually resold by your moderate to high risk vendors. This conflict of interest limits your ability to hold your vendors accountable and is the reason we are the only vendor management software and service provider that can negotiate your vendor contracts for better performance, better pricing and better risk mitigation.