Culhane Meadows’ Atlanta partner Reiko Feaver was recently interviewed for an article by CIO Magazine about key tactics for successful negotiations with IT vendors.
Here are a few excerpts from the article:
Like it or not, vendor negotiation is a skill every CIO must perfect to become a successful business executive. Yet, for many IT leaders, reaching a deal that’s both favorable and mutually equitable can be a tall order.
Fortunately, expert negotiators have developed an array of tactics — many not widely familiar to CIOs — to seal deals on terms that meet both operational and financial goals.
When connecting with a new vendor, particularly one without an extensive track record, it’s important to check key facts about the company before signing any type of agreement. The investigation should include “the financial condition of the company, insurance held, and knowledge of third-party providers used,” advises Reiko Feaver, a partner and IT contract specialist at law firm Culhane Meadows.
Feaver also suggests finding answers to three key questions: Is the firm a shell company of an offshore organization? Is the firm’s insurance held by a parent and not directly by the company (unless the insurance clearly covers the contracting party)? Does the company use actual employees, or does it rely on contractors, and, if so, where are those contractors based?
If the investigation raises any red flags, it’s a good idea to move on to another vendor.
To view the article, click HERE.
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