SayPro Templates to Use:
Contract Renewal Template: A document to track upcoming contract expirations and initiate renewal discussions with suppliers
1. Contract Overview
- Contract Title/Name:
(Specify the name or title of the contract.) - Supplier/Partner Name:
(Name of the company or individual supplier involved.) - Contract Reference Number:
(Unique reference number for easy tracking.) - Start Date of Contract:
(Date when the contract started.) - End Date of Contract:
(Contract expiration date.) - Contract Value:
(The financial value associated with the contract.) - Renewal Terms:
(Specify any pre-agreed terms related to contract renewal, such as automatic renewals or renegotiation.)
2. Contract Expiration and Renewal Timeline
- Expiration Date:
(Provide the date on which the current contract will expire.) - Renewal Decision Deadline:
(Define the final date by which a renewal decision must be made to avoid service disruptions.) - Timeline for Renewal Discussions:
(Provide a timeline that outlines key milestones for the renewal process such as supplier meetings, discussions, proposal reviews, etc.)
3. Supplier Performance Evaluation (For Renewal Consideration)
- Performance Rating:
(Based on predefined KPIs, rate the supplier’s performance. For example: Excellent, Good, Satisfactory, Unsatisfactory.) - Delivery Timeliness:
(Was the supplier able to meet deadlines as agreed upon? Yes/No.) - Quality of Products/Services:
(Assess the quality provided based on your internal standards or customer feedback.) - Compliance with Terms:
(Was the supplier compliant with all contractual terms and conditions?) - Communication & Responsiveness:
(Evaluate the supplier’s responsiveness and communication during the contract period.) - Feedback from Internal Teams:
(Collect input from departments that worked with the supplier, such as operations, finance, etc.)
4. Renewal Proposal (To be discussed with Supplier)
- Proposed Contract Duration:
(Outline the proposed renewal term, e.g., 1 year, 3 years, etc.) - Pricing Adjustment/Negotiation:
(Identify if there are any price adjustments or renegotiations that need to occur based on market changes, supplier performance, or other factors.) - Service Levels and Deliverables:
(Specify any updated service level agreements (SLAs) or deliverables that should be included in the new contract.) - Any Proposed Modifications:
(Highlight any proposed changes or additions to the existing contract, such as revised payment terms, scope of services, etc.)
5. Stakeholder Involvement
- Primary Contract Owner/Manager:
(Name and contact information of the individual responsible for overseeing the contract renewal process.) - Finance Team Contact:
(Name and contact details for the finance team member who handles budgeting and financial approval for contract renewals.) - Legal Team Contact:
(Legal team member responsible for reviewing the renewal terms and any new clauses.) - Procurement/Contract Manager:
(Procurement team member who coordinates the renewal negotiations.)
6. Renewal Decision Criteria
- Reasons for Renewal Consideration:
(Outline why renewing the contract is in the best interest of the organization, including positive performance indicators, ongoing supplier relationship, and market conditions.) - Reasons Against Renewal (if applicable):
(Provide any potential reasons not to renew the contract, such as supplier underperformance, price increase, or alternative suppliers with better offers.) - Alternative Supplier Evaluation:
(If considering a new supplier, briefly evaluate alternatives through bidding, proposals, or quotations. Highlight the pros and cons of switching suppliers.)
7. Actions and Responsibilities
- Initiate Supplier Discussions:
(Action to initiate discussions with the supplier about the contract renewal, including setting up meetings, sharing performance evaluations, etc.) - Prepare Internal Review:
(Action to review contract performance and gather feedback from internal stakeholders such as departments and teams.) - Prepare Contract Renewal Proposal:
(Action to prepare a renewal proposal with revised terms, pricing, and duration based on the supplier’s performance and business needs.) - Final Renewal Decision:
(Action to finalize the decision after evaluation and negotiation. Approval from senior management or the relevant department may be required.)
8. Monitoring and Post-Renewal
- Contract Monitoring Plan:
(Develop a strategy for monitoring the renewed contract, ensuring the supplier meets the agreed terms, performance standards, and delivery timelines.) - Regular Supplier Check-ins:
(Plan periodic reviews with the supplier to ensure the terms of the renewed contract are being upheld and resolve any issues as they arise.) - Document and Store Renewal Agreement:
(Ensure that the renewed contract is properly documented, stored, and easily accessible for future reference.)
9. Approval Section
- Renewal Approval Signatures:
- _[Contract Owner Name, Position] – Signature & Date
- _[Legal Department Approval] – Signature & Date
- _[Finance Department Approval] – Signature & Date
This template ensures a comprehensive and well-organized approach to tracking upcoming contract expirations, evaluating supplier performance, and facilitating renewal discussions. It ties into SayPro’s broader strategy for contract management and aligns with processes related to tenders, bidding, quotations, and marketing royalties.
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