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 Learn the language
Communication skills are paramount for successful contract review meetings. If you can not understand what is being asked of you, there is a risk you will fail to deliver what is expected of you. If your meeting is with procurement, 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
#2 Are you performing against contractual KPI's?
Most contracts contain indicators of performance (success or failure) known as KPI's. KPI's are used in the business world to measure performance against quantitive indicators such as numbers, ratios, percentages and monetary values. Prior to a contract review meeting you should ensure you are familiar with the KPI's 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 the KPI's you could use this as an opportunity to ask for additional benefits under the contract.
#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, 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.
By following our contract review meeting tips, your contract review meeting should run more smoothly. Naomi Clews® is a qualified procurement expert and freelance bid writer. Naomi provides B2B services for organisations looking for procurement support and help with tender writing. Visit the website to read more procurement and bid writing tips www.naomiclewsconsultancy.com/blog
By Naomi Clews
Naomi Clews Consultancy
Procurement, Tendering, Business Skills