Do you dread attending contract review meetings? Are you unsure how to prepare for the contract review meeting, what is expected of you and what information to present?
Well fear not, if you want to be more prepared and communicate more effectively, (at your next contract review meeting), read our guide to the 5 survival strategies for contract review meetings now;
#1 Are you performing against contractual KPI's?
Most contracts contain indicators of performance (success or failure) known as Key Performance Indicators (KPI's). KPI's are used in the business world to measure performance against quantative indicators such as numbers, ratios, percentages and monetary values. Prior to a contract review meeting you should ensure that you are familiar with the KPI's that your performance is measured against and how you are performing against those KPI's.
Your performance against your contractual KPI's will inform your strategic approach to the contract review meeting. If you are missing your KPI's you will need to communicate reasons why this has happened and what you are doing to bring performance back to the required level. If you are meeting or exceeding your KPI's you could use this as an opportunity to ask for additional benefits under the contract.
#2 Are you meeting your contractual obligations?
Your contract will include obligations that you are required to deliver under the contract. Before you attend the contract review meeting, ensure that you have checked what your contractual obligations are and check if you are meeting them. If you think that there are contractual obligations that the other party are not meeting, you may want to raise this at the contract review meeting.
#3 Obtain an agenda prior to the meeting
Forearmed is forewarned. If you are provided with an agenda, prepare for each agenda point. If you are not provided with an agenda, be sure to ask for one, prior to the contract review meeting. Prepare for the meeting and avoid any awkward questions or surprises that you are not prepared for.
#4 Take the opportunity to sell yourself
Every meeting is an opportunity to sell yourself so don't miss your opportunity to blow your own trumpet. Ask questions about future developments that may lead to opportunities or threats to your current contract.
Show an interest and ask intelligent questions to make the right impression.
#5 Communicate effectively
Communication skills are paramount for successful contract review meetings. If you can't understand what is being asked of you, there is a risk that you won't deliver what is expected of you. If your meeting is with procurement, for example, some of the most common procurement acronyms are provided below;
ABI - Activity Based Income
PO - Purchase Order
PID - Project Initiation Document
KPI - Key Performance Indicators
SLA - Service Level Agreement
SME - Small and Medium Enterprises
FOI - Freedom of Information
RFP - Request for Proposal
RFI - Request for Information
RFQ - Request for Quote
PQQ - Pre Qualification Questionnaire
SQ - Selection Questionnaire
ITT - Invitation to Tender
D-U-N-S - Data Universal numbering System
TUPE - Transfer and undertaking of employees
PIN - Prior Information Notice
DPS - Dynamic Purchasing System
CPV - Common Procurement Vocabulary
SOR - Statement of Requirements
EOI - Expression of Interest
PCR - Public Contract Regulations
OJEU - Official Journal of the European Union
TED - Tenders Electronic Daily
MEAT - Most Economically Advantageous Tender
By following our contract review meeting tips, hopefully your contract review meetings will run more smoothly. Naomi Clews Consultancy are professional procurement consultancy experts who provide B2B services for organisations looking for procurement support and help with competitive tender processes and procedures. Visit our website to find out more www.naomiclewsconsultancy.com
By Naomi Clews
Naomi Clews Consultancy
Procurement, Tendering, Business Skills