Some contractual items up for negotiation present more risk to the enterprise than others. Prior to setting a negotiation plan, it's worthwhile to evaluate each negotiable item to understand its importance, the impact of failure of the vendor to deliver on that item, and the overall probability of failure. Employ this tool to:

• List all items that must be reflected in the contract.
• Identify items that have not been adequately addressed.
• Determine which items are negotiable.
• Calculate a risk score for each negotiable item.
• Set a risk mitigation strategy.

Use this OptimizeIT “Contract Risk Assessment Tool” to identify areas of risk that you should address in the contract.

For more assistance with vendor selection and management, be sure to take advantage of all the tools and templates in the OptimizeIT Vendor Management program.