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In this tutorial, Cindy Horn provides nine tips for effective vendor contract management. Key practices include: 1) documenting processes within the vendor management program; 2) planning negotiation strategies before engagement; 3) identifying all organizational areas involved in contract management; 4) negotiating agreement terms, considering specific regulatory requirements; 5) actively managing product or service delivery; 6) recognizing that contract management continues beyond signing, necessitating ongoing vendor relationship management, including handling addendums; 7) managing identified risks throughout the process; and 8) comprehending the contract terms thoroughly. These practices aim to reduce risk and meet regulatory expectations.
