Manage business contacts in Vendor negotiations

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[Music] hi I'm Cindy horn within winder in this 90 second video you're going to learn 9 tips for successful vendor contract management these are best practices that we have seen implemented across the country which can help you reduce risk and meet regulatory expectations number 1 document the processes for vendor contract management within your vendor management program to plan the negotiation and strategy prior to vendor engagement 3 clearly identify all areas of the organization that are involved in contract management process number 4 negotiate the term of the agreement understand any regulatory requirements that are specific to your organization 5 actively manage the delivery of the product or service 6 understand that contract management does not end with contract signing and that your organization must manage ongoing vendor relationship to include addendums to the agreement 7 manage the risk that have been identified during the contract management process 8 understand the terms surrounding the renewal and termination provisions of the contract and finally number 9 understand the terms surrounding the notification provisions and the remedy provisions to the agreement remember having smart processes in place for contract creation execution and analysis can ultimately benefit you financially and having better service delivery can help you manage your risk to your organization see you next time [Music]