At the renewal negotiation table, herronpalmer’s assistance will give you valuable leverage. We’ll provide the market data and analysis you need to evaluate the competitiveness of your current contract and any renewal offer you receive.
Our market analysis will document how your current arrangement stacks up against companies with similar services, scale, scope and complexity across four key areas: Fees, Contract Terms, Scope of Services, and Performance Standards. In addition to this quantitative assessment, we’ll provide ideas for improving the quality of the relationship and overall performance.
Throughout the renewal process, we will provide you with clear, useful information to guide the negotiations. The result: competitive renewal fees and contract terms, as well as a better working relationship.
Note: If you plan to renew with your existing provider, assuming you can secure market-competitive terms, we recommend beginning the renewal negotiation process 18 to 24 months before your contract expires (depending on the service(s) involved). If you can’t come to agreement on renewal fees and contract terms, this timeline allows enough cushion to change your strategy and go to market with an RFP, secure a new provider and transition the services before your current agreement expires.