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HOW TO NEGOTIATE BULLETPROOF VENDOR CONTRACTS
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Whether your financial institution has one branch or 1,000, your ability to maintain productive vendor relationships comes down to the quality of the vendor contract. For larger institutions, lawyers and years of experience eliminate many of the loopholes that otherwise create vulnerabilities for smaller FI's. While substandard contracts can mean thousands of dollars per year in wasted fees and unnecessary risk, quality contracts result in proper expectations and efficient expenditures.
After reading this whitepaper, you'll have the following takeaways:
- Identify the credible vendors at the beginning of the search process – and why it’s important to disclose the vendor list to all companies involved
- Tap into negotiation strategies to protect your FI from hidden costs
- Examine best practices for vendor due diligence to mitigate risk at the outset of a vendor engagement
- Learn how to manage contracts so important renewal dates aren’t missed
- Utilize SLAs, KPIs, and other safeguards to ensure your vendor is working to its full potential for you
This whitepaper is tailor made for small- and mid-sized institutions interested in savings thousands of dollars each year on their IT services to best support both back-office operations as well as customer-facing products.