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SLA LMD webinar - Art & Science of Negotiating and Managing Contracts May 2014
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SLA LMD webinar - Art & Science of Negotiating and Managing Contracts May 2014

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  • 1. Leadership & Management Division Welcome to today’s webinar! May 21, 2014 The Art and Science of Negotiating and Managing Contracts with speakers Bill Noorlander and Carol Ginsburg BILL.NOORLANDER@BSTAMERICA.COM CAROL.GINSBURG@BSTAMERICA.COM
  • 2. Scope of the Content Market Place • Growing importance as a business tool • Increasing level of management oversight • Increasing level of investment – top 3 to5 expense lines within most firms • Some numbers – Financial services $25 Billion – Legal 8 – Pharmaceutical 12 – Governmental Huge
  • 3. Negotiation & Supplier Management Objectives • Right mix of content tools for company requirements • Best usage right and rules • Optimal fee models & contract terms • Proper support levels • Positive working relationship with Suppliers
  • 4. Critical Steps in Negotiation Process • Pre negotiation tasks • Managing time line and negotiation team • Negotiation strategy & process • Implementation and execution
  • 5. Pre Negotiation Tasks • Review contract and Supplier file • Usage review • User & internal commentary • Market perceptions & insight • Budgetary guidelines & controls • Determine what is “important” • Develop negotiation objectives & meeting plan • Set negotiation time line
  • 6. Managing Time Line & Team Members • Determine time line and key requirements • Establish team of internal participants • Share objectives and meeting plans • Get as much feedback as possible
  • 7. Negotiation Strategy & Process • Share negotiations objectives • Review time line and team members • Be realistic with requirements • Define what important • Use market intelligence • Remember that negotiations is give & take • Accept reality – know when to stop • Win/win – both parties should find results reasonably acceptable
  • 8. Implementation & Execution • For new product, or changes in usage levels, coordinate implementation, training, etc. • Obtain proper level of document review and sign off • Execute the contract • Write memo on negotiation results, considerations & promises made – put in Supplier file for next contract review
  • 9. BST Documentation • BST White Paper – Business Models for Information Suppliers • Objectives for Contract Negotiations • Negotiations Tips & Tricks
  • 10. Leadership & Management Division Thank you for attending today’s webinar! Your feedback is welcome – please respond to the email survey. See you in Vancouver!