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In this 90-second video, Cindy Horn outlines nine tips for effective vendor contract management: 1. Document processes within your vendor management program. 2. Plan negotiation strategies before engaging with vendors. 3. Identify all organizational areas involved in contract management. 4. Negotiate agreement terms while considering relevant regulatory requirements. 5. Actively manage the delivery of products or services. 6. Recognize that contract management continues beyond signing, necessitating ongoing vendor relationship management and potential agreement addendums. 7. Manage identified risks throughout the contract management process. 8. Understand the terms of the agreement. These best practices aim to reduce risk and meet regulatory expectations.
