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Lay the foundation for a strong relationship with your critical vendors by securing a mutually advantageous contract.
CliftonLarsonAllen’s unique solutions offer a full range of support and strategic guidance for your vendor contract reviews and negotiations.
What’s on your mind?
- Reducing your financial institution’s operational expenses
- Adequately handling critical contracts coming up for renewal
- Going through a significant strategic change such as a merger or acquisition
- Adding or consolidating several products or services
- Considering an alternative system/vendor relationship
- Forgoing business opportunities due to costly de-conversion/termination fees
- Contract termination or recourse arrangements with vendors who are not meeting service expectations
- Increasing concern with vendor compliance, security, and risk
A unique approach
Reviewing and negotiating vendor contracts can be a challenging and time-consuming task. Reaching an agreement that benefits both parties can provide a solid foundation for a long-lasting vendor relationship.
We work with you to put together a custom designed engagement scaled to fit the needs of your financial institution. We offer you flexibility in choosing our level of involvement, and then tailor our fees accordingly.
You will derive value from our industry knowledge, experience, and understanding of your regulatory environment. Our consultants will work on your behalf to help secure strong terms, agreements, service expectations and favorable rates.
Contract review and negotiation services
- Review contract terms and conditions to identify unforeseen costs, risks, and gaps
- Conduct vendor management assessment
- Assist with incorporating merger/acquisition language
- Help negotiate price reductions, renewal terms, early termination penalties, and de-conversion/conversion costs
- Verify service level agreements support your financial institution’s delivery of service values
- Provide regulatory support
The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment or tax advice or opinion provided by CliftonLarsonAllen LLP (CliftonLarsonAllen) to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader’s specific circumstances or needs, and may require consideration of nontax and other tax factors if any action is to be contemplated. The reader should contact his or her CliftonLarsonAllen or other tax professional prior to taking any action based upon this information. CliftonLarsonAllen assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.