Beware of contract deadlines: the clock keeps ticking
The clock keeps ticking, even in a pandemic.
Even though your attention has to be focused on a multitude of pressing matters, contracts still automatically renew, and they still need your attention. Instead of another email about what you should do, we can do something for you: We can save you and your staff time and money.
Part of a vendor management program should include active management of vendor contracts. We recommend you take time to make sure you don’t have any contracts about to automatically renew for more than one year.
The economy has changed and managing expenses are becoming more important than ever. Letting contracts renew for long terms at above-market prices will hurt your institution financially for years to come and is a waste of your money.
For years we’ve helped financial institutions manage vendor contracts and successfully assisted credit unions and banks like yours negotiate contracts that better meet your needs. We hope vendors will appreciate you are dealing with competing priorities and may have to shift your plans with the sudden economic changes we’re experiencing. Vendors should be willing to modify contracts with long renewal terms to year to year renewals, to allow you some flexibility. If they don’t, call us and we can help.
Maple Street’s Vendor Advantage System® is a proven process that includes active contract management, vendor planning and expense reduction. It is the only complete, outsourced, interrelated system that has helped credit unions and community banks get fair, risk-balanced vendor performance to achieve the results they expect from their vendors.
We stand ready to help take the pressure off the contract renewal process, avoid wasting money, and help you reduce your costs. It’s our way of helping you so you can focus on every other important task. To learn more, email us at info@MapleStreetInc.com or call us at (321) 257-3930 to see what we can do for you.
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