#1 Learn the language
Communication skills are paramount for successful contract review meetings. If you can't understand the ask, there is a risk you will fail to deliver what's expected of you.
If your contract review meeting is with the procurement manager or the contracts manager it may be useful to memorise the procurement acronyms and their meanings below:
ABI - Activity Based Income
PO - Purchase Order
PID - Project Initiation Document
KPI - Key Performance Indicator
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
GDPR - General Data Protection Regulations
#2 Are you performing?
Most contracts contain indicators of performance (success or failure) known as Key Performance Indicators (KPI's). The procurement world uses KPI's to measure performance against quantitive indicators such as numbers, ratios, percentages and monetary values.
If your contract contains KPI's there may be a requirement to report your performance against KPI's at the contract review meeting. Prior to the contract review meeting you it is a good idea to know how you are performing against your contractual KPI's.
You can use this information to decide how to prepare for the contract review meeting. If you are failing to meet your KPI's you may need to prepare a report on the reasons why this has happened. It is also useful to think of ways you can bring your performance back to the required level.
If you are meeting or exceeding the KPI's you could use the contract review meeting as an opportunity to ask for additional business or an extension to your contract.
#3 Obtain an agenda prior to the meeting
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.
Forearmed is forewarned. It is a good idea to know what questions you are likely face at the contract review meeting, who you are meeting with and who you are expected to bring with you.
This information will help you to prepare for the contract review meeting and avoid any awkward questions or surprises.
4# Take somebody with you
It is always good to go to a contract review meeting with a colleague. Firstly your colleague can make notes whilst you talk to the contracts manager. Secondly, it is useful to have a second opinion on how the contract review meeting went. Thirdly, if you require a witness to what was said at the contract review meeting, you have one.
#5 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 Naomi Clews
Naomi Clews® is a qualified procurement expert. Naomi coaches small business owners and SEM's how to have more productive relationships with procurement and how to get their foot in the door.
If you would like to know more about Naomi Clews Consultancy and our executive training and coaching please get in touch.
Naomi Clews Consultancy
Procurement, Tendering, Business Skills