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“Five Best Practices for Renegotiating Supplier Contracts”

Five Best Practices for Renegotiating Supplier Contracts

Complexity creates risk, and risk can impact profits. Written contracts help businesses manage costs and minimize exposure to price fluctuations, but even when agreements are in place, the wording can be interpreted differently or simply not adhered to. Companies assume that having a contract with a supplier means they’ll automatically receive all negotiated benefits. But errors, misunderstandings, and inadequate oversight of agreed terms mean suppliers don’t always deliver everything outlined in the contract.

Hidden inefficiencies and un-realized advantages are very much the norm. Given the time and resources procurement teams devote to sourcing and negotiating with vendors, it’s best practice to make sure their contracts deliver all promised value across the term.

This e-book will outline:

  • Why supplier contracts don’t always deliver the value expected,
  • The supplier relationship and financial benefits of getting the contract negotiations right,
  • Five best practices when renegotiating a contract.

Download now!

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