Most vendor contracts are written to protect themselves, not you! Many of our clients tell us that they have limited experience in knowing how to negotiate more favorable contracts with their technology vendors for either the terms or to get better pricing. At Frederick Martin we have negotiated hundreds of contracts and maintain a database of vendor fees that has proven invaluable for helping our clients.
Based on our experience with most of the major vendors serving the financial services community, we know that they are typically willing to change contract terms that are more favorable to you for both service level agreements (SLAs) and pricing. Should something go wrong, it is essential that you have the appropriate service level agreements in place to either make the vendor correct any issues that arise; or in the most severe cases, to allow you to get out of the contract all together.
We feel it is important that the final agreement is a “Win/Win” for both you and the vendor. While it is important that you keep a close eye on your expenses, it is also necessary for the vendor to be profitable so they can afford the resources to support you over the term of the agreement.
We believe that you will more than recover the fees we charge for this service.