Core Contract Negotiation

Product / Service Description

The Bank Core Contract Negotiation engagement is available for financial institutions which are actively negotiating or seeking to negotiate a new contract with their current core provider.  This engagement is a subset of scope defined in the Core Evaluation engagement and is focused on keeping the existing core vendor but establishing new contract terms.

Benefit

·         Existing contract reviewed with deficiencies identified
·         Review of bank goals for future products and services from the core provider

·         Comparison of similar core contracts and terms

·         Consult 4 IT negotiates on your behalf with your vendor
·         Final contract is reviewed for accuracy based on the negotiated terms and conditions

Qualifying Questions

·         Are you satisfied with your current core contract?
·         Have you determined which business functions need to change within your organization?
·         How current is your organization on the core products and contract specifics?
·         Do know what your organization should be paying for core services?

Scope of Work

Phase I – Review of existing contract
Phase II – Review of bank goals and strategic plans
Phase III – Contract Negotiations with Vendor
Phase IV – Review of Final Contract

Key Areas for Evaluation

Bank goals and strategies

Contract terms                 

Comparison of other core contracts