No, the contract manager should not take contract renewals lightly. As part of your vendor relationship management, it is essential to stay on top of upcoming contract renewals. Long before your contract expires, you should be planning your approach to the contract close-out phase. Sometimes it can be the most mundane of contracts that get automatically renewed year after year that can cause the most headaches. To ensure the smooth handling of contract renewals, contract managers should use a simple checklist that can go a long way to ensuring there are no nasty surprises in renewed contracts. Additionally, advanced contract management software, such as Aavenir’s “Contractflow” fully automates the process of contract renewals, by providing you visibility into upcoming renewals, through automated alerts and notifications.
Remember, contract renewal is an excellent opportunity to review your agreement and work with your vendor to negotiate missing provisions, pricing incentives, and improvements to services. A contract renewal checklist can help you make the best contract decision for your business.
Should you renew your contract?
Access this contract renewal checklist by completing the form on the right and clicking “Download Now.”