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Dec 31, 1969 by

Contract Management

How to Get Out of a Bad Vendor Contract

Sep 22, 2020

We’ve all experienced it at one time or another: a once-promising vendor relationship has suddenly (or perhaps, not so suddenly) gone sour. Whether it’s due to repeated SLA failures, a lack of [...]

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Contract Management

5 Steps to Successful Third-Party Contract Management

Sep 2, 2020

Vendor contract management is the administration of written agreements with third parties that provide your organization with products or services. Vendor contract management includes negotiating [...]

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Contract Management

Vendor Contract Mid-Term Reviews: What You Need to Know

Aug 19, 2020

Much like negotiating a contract or renewing a contract, the vendor contract mid-term review can help you gather important information regarding your vendor and the products and services they [...]

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Contract Management

6 Vendor Management Contract Principles to Know

Aug 12, 2020

Sufficient vendor contract management encompasses a well-managed process for handling all agreements with your organization’s third parties from start to finish. This includes all aspects of the [...]

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Contract Management

What to Do When the Vendor Contract Has Been Signed Unexpectedly

Aug 5, 2020

Have you been in this situation? Someone at your organization signed a vendor contract, but they shouldn’t have. This is a nightmare scenario many third-party risk managers have faced at one point [...]

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Contract Management

The Importance of an Exit Strategy in Vendor Management

Jul 28, 2020

Why do we want to go into a relationship thinking about the exit?

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Contract Management

5 Benefits of a Vendor Contract Management Software Component

Jun 17, 2020

If you are not already using vendor management software for your third-party risk program, you are missing out on efficiency and high-quality results to show off to your senior management team, [...]

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Contract Management

How to Review a Vendor Contract

Mar 4, 2020

Negotiation is vital. Do not accept the first contract that you see as changes to accommodate special requests by both parties are common and often necessary. It can be challenging, but break it [...]

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Contract Management

The Difference Between a Vendor Contract and a Service Level Agreement (SLA)

Dec 23, 2019

Understanding Vendor Contracts

A contract is an agreement between two parties creating a legal obligation for your organization and vendor to perform specific acts. Each of the parties to the [...]

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Contract Management

The Basics of Service Level Agreements for Vendor Contracts

Aug 27, 2019

As a professional in third party risk management, you probably hear the term service level agreement, or SLA, for short, often. So, it’s important to understand what they are. To help, we'll go [...]

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Contract Management

6 Items to Negotiate into Your Vendor Contracts

Aug 14, 2019

"You don't get what you deserve; you get what you negotiate." – Dr. Chester L. KarrassAs you enter into a vendor relationship, contract negotiation should always be one of the first tasks completed

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Contract Management

5 Key Provisions to Look for in Critical Vendor Contracts

Aug 6, 2019

Whether reviewing a new critical third party contract or negotiating new terms and conditions of an existing contract, there are many elements you need to consider.

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Contract Management

7 Next Steps to Handle Your Naughty Vendors

Dec 5, 2018

Do you have vendors that you’d categorize as naughty around this time of year? Don’t worry, we’ll cover ways to handle them.

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Contract Management

7 Ways to Drive Effective Vendor Contract Management at Your Organization

Aug 28, 2018

Let’s face it – a very difficult part of vendor risk management, particularly in mid-sized organizations, is usually the vendor contract management process. Why exactly is that? Well, unless you [...]

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Contract Management

6 Key Provisions to Know for Vendor Contracts

Aug 14, 2018

When reviewing a new critical vendor contract, or negotiating terms for an existing one, you should be looking at specific provisions to ensure compliance with industry regulations and standards. [...]

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Contract Management

Consider These 5 Items When Entering Into a Vendor Contract

Nov 29, 2017

I’m often asked about termination clauses in contracts. Unfortunately, if you’re in the middle of an existing contract and decide you “want out”, your options may be limited, depending on how much [...]

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Contract Management

Your Vendor Oversight Is Only as Strong as Your Contract

Mar 1, 2017

For the non-bank lender, the process of vendor oversight begins prior to establishing an annual audit schedule. And like any good process, it begins well at the beginning - the contract. [...]

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Contract Management

10 Signs That a Third Party Relationship Is Going Sour

Feb 15, 2017

There are times when even the best of relationships fall apart. But, there's also usually plenty of early warning signs. So, let's look at a few of them related to your vendors – these are just a [...]

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Contract Management

Put a Helmet on Your Financial Institution's Vendor Management

Aug 24, 2016

No serious cyclist would ever dream of riding their bicycle without wearing a helmet. Personally, having been hit by a car twice while cycling, I probably should wear a helmet every time I talk [...]

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Contract Management

Why SLA’s are so important

Jul 6, 2016

You’re excited to be working with a terrific new vendor. Let's go through the process.

You’ve done your due diligence, written a thorough risk assessment, gotten it approved by your risk committee [...]

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Contract Management

Characteristics of a Good Vendor Relationship

Jun 15, 2016

Okay, I’ll admit it – there are always certain companies that I admire and are my favorites to do business with. 

I won’t name names, but as you read this, hopefully you can identify ones of your [...]

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Contract Management

Creating an Effective Vendor Contract Management System

Jun 10, 2016

Of all of the areas of third party risk management, perhaps the most difficult is handling contracts effectively. Whether it’s negotiating, tracking or simply finding all of them, contracts can be [...]

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Contract Management

5 Contract Management Tips to your Pot of Gold

Mar 17, 2015

Cost management begins and ends with effective contract management

Here are 5 simple tips for contract management at your financial institution to help you find that pot of gold: 

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