Contract Renewals – The stage where customer retention is the biggest challenge

Contract Renewals

Contract renewal is the last stage in the contract lifecycle. This is the most challenging stage as many contracts are not renewed after expiry as per the statistics. You need real time experience to negotiate with a client to streamline their contract renewal processes’ phase. Around the time of a contract renewal period, many look for alternatives which they think could be better and more profitable as an option. Therefore, sales team, attorneys and general counsels consistently face huge challenges and struggle when it comes to contract renewals and the overall business strategies. TLB’s contract management team assures you of retention of customers during the contract renewal phase.  

The opportunities during contract renewals 

As contract renewal is the final of all the stages in a contract lifecycle and there is always a risk that a client may decide to discontinue unless the contract gets renewed automatically. Sometimes, therefore, it is safe to sign a contract for few years with automatic renewals which reduces the chance of renegotiation efforts.  

Another important aspect is showing how you as an organization have performed during the contract period. You can then be at a firmer position than the client to renegotiate at the time of renewals. It is important to project how well your organization done as regards to profits, strategies, employee retention and about your other business objectives. If your client will trust you and have faith in you then, moving away from you is the least of the risks. Sometimes clients want to continue for the sake of comfortability. However, for this your organization must be consistent with the work product. TLB’s contract experts vouch on this. When they have worked for general counsels, they have realized if these areas are strong then the renegotiation part considerably reduces.  

As an organization, you have to be proactive during your contract renewals and always offer some value adds. TLB’s team of contract management have listed many such points which has given the corporates or law firms extra edge during contract renewals. This has come after doing over thousands of contract renewals.   

How TLB can help save your precious time 

TLB has a large contract management team that makes ready your work much ahead of the deadlines and statute of limitations. They always keep an open communication channel with the clients to know what they are thinking. They try to give solutions beyond the work agreements, which is invaluable a service. Clients develop a sense of security in the process with you and do not easily want to find another business partner. The TLB’s contract’s team do not let go any single opportunity during the contract period. They can create the most favorable atmosphere for your clients. If any changes have happened in your organization or law firm, it is always advisable to convey the same to your client. They love honesty and the trust factor becomes stronger. TLB’s lawyers have also noticed that doing this helps a lot in reduced efforts during the renewal stage.  

TLB will help you draft auto renewal contracts with the strongest points and also negotiate with your client. They also keep a record of the potential risk factors which any client will face if they do not renew the contract on time with you. They keep speaking to the teams and show how the revenues are going to be impacted hugely if a renewal doesn’t happen.  

Secured data and repository  

TLB’s team works exclusively on single cloud service, which the premium one so your client can track the work progress. A list of missing documents and available documents are prepped so the attorneys and general counsels can note, if any document is missing. Accordingly, they perform the next steps and try and obtain those relevant documents.  

With TLB, you do not have to worry about this as the stages of contracts are given to different teams to manage so it is effectively organized. The renewal stage being critical, sales team members are also a part of it. They all work in tandem to ensure 100% renewals occur. Volumes are well managed by this experienced team due to the large size of the in-house team and additionally due to having large consulting team. Though, some number of renewals in inevitable not to happen but our services are designed in such a way that high volume of work can be managed effortlessly irrespective of the complexities.  

We are available for any queries that you have regarding the contract renewal services! Please contact us to know more.