Vendor Contracts & Review
Vendor Contracts
One of the requests that The Copper River Group receives most often from clients and prospective clients is assistance with negotiating new contracts, contract renewals and vendor reviews.
The challenge that confronts the client is twofold. If it is a new contract or a new product, the client usually begins the discussion with the vendor:
- Not knowing what they need to know
- Not knowing what to avoid
Oftentimes these two items do not become clear until after the contract is signed and then it is too late.
The Copper River Group has assisted numerous customers in contract negotiations, product selection and vendor reviews. We function as your advocate with the vendor, bringing to the discussion our knowledge and experience regarding industry trends and best practices.
Food for thought
Most financial institutions negotiate major vendor contracts once every three to five years. Major vendors negotiate contracts every day!
Critical to meeting the needs of your customers is knowing what are the elements that comprise an effective contract. The Copper River Group can help you determine them!
Vendor Review
Are you satisfied with your current vendor? Is your current vendor meeting your institution’s needs? Is your vendor keeping up with technology trends and do their product offerings match up with the strategic direction of your organization? Are the Service Level Agreements in your current vendor contract meaningful or are they hard to enforce?
These are all questions that The Copper River Group can help you answer through our vendor assessment process. We review your current relationship with the vendor, ascertain the vendor direction and assist you in building a meaningful perspective on the overall relationship. Our next step is to identify the gaps in your vendor expectations and work with the vendor on your behalf to close them.