Pub. 8 2019 Issue 1

23 S P R I N G | 2019 negotiate these fees down or try to consolidate relationships where possible. Add New Products and Services A solid game plan includes the addition of new services. Bundle new services and negotiate signifi - cant reductions in their one-time and monthly fees. The more services you add, the more value you build with your vendor. Only commit to what you can install within the first 24 months of your new agreement. Pay close attention to the wording in the contract that speaks to clawing back incentive dollars in the event of termination and the timeline you are under before billing occurs. Negotiate Key Terms and Conditions There are many hidden land- mines in your contract. If your agreement is silent on any signifi - cant term or condition listed below, tie them down! Your contracts should line up to your organizations strategic goals and the following items should be on your radar. Key Terms and Condi- tions for Mission Criti- cal Systems • Term/Renewal Term/ Notifications • Termination Fees √ Liquidated Damages √ Conversion of Legacy Data √ Deconversion Fees (in- clude three file cuts) √ Holdover Premium • Federal/State Laws • Changes to Services • Transition Services Managing high-risk vendors is hard, so deal with as few as possible. Take a look at your dashboard and determine if you are interested in consolidating any of the relationships. F E A T U R E Auctioneers & Appraisers delivering successful results to Virginia Banking institutions since 1963 www.countsauction.com • Problem Reporting/Resolution • Training • Fee Increases • Payment/Billing Errors • Limitation of Liability • Termination for Breach • Governing Law/Arbitration • Credits/Incentives • Audits • Merger/Acquisition • Travel Expenses/Standard Hourly Rates • Commencement • Exclusivity • Client Obligations • Sub-Contracting • Service Level Agreements • GLBA Dust off your agreement and find each of these items or get help if you need it. Ask your account rep if the renewal will be on “new paper” or an “amendment” to the existing agreement. New Paper means you are starting from scratch, so ask for boilerplate agreements as soon as possible. Amendments usually change some language in the existing agree - ment and spell out new pricing. In either situation, submit your revisions early in the process while you still have leverage. Be specific with your requests and pay special attention to termination fees. Putting it all Together Your renewal game plan is sitting right in front of you. All of the data you need to make wise and informed deci- sions is at your fingertips. Start early, get organized, have a plan, and engage your vendors with enough time to cover all the bases. After all, you only get to do this once every five years or so.