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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
