Workflow Templates: Service Contract Renewal Checklist

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Service Contract Renewal Checklist

Contract Review

Review the terms and conditions of the current contract

Identify any services or terms that require changes or updates

Evaluate the performance of the service provider against the current contract

Financial Evaluation

Assess the current cost against market rates for similar services

Determine if the budget allows for renewal or necessitates renegotiation

Review payment history for any outstanding issues or concerns

Service Provider Assessment

Gather feedback on the service provider's performance from relevant stakeholders

Check the service provider's current licensing, insurance, and bond status

Review the service provider's proposed changes or improvements for the new contract period

Renewal Process

Prepare a renewal proposal or request for the service provider including any changes

Negotiate terms and conditions as necessary

Obtain approval from necessary internal stakeholders before finalizing the renewal

Documentation and Compliance

Update the contract documentation to reflect the new terms and get signatures

Ensure compliance with legal and regulatory requirements for the contract

Distribute the updated contract to all relevant parties and update internal records

Planning and Communication

Develop a timeline for the renewal process to avoid service interruption

Communicate with the service provider about expectations and timelines

Inform internal teams about the contract renewal and any changes to services

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