Negotiating supplier contracts
Supplier contract negotiation doesn't necessarily mean focusing on the cheapest possible price. You may want to negotiate other factors such as delivery times, payment terms or the quality of the goods.
You may need to vary your approach for different negotiations. Factors to consider include who your supplier is, what alternatives you have and whether you want to do business with a particular supplier again.
Both sides should conclude a negotiation feeling comfortable and happy with the agreement. Negotiations can be unsuccessful if either side feels forced into a corner.
This guide explains how to prepare for contract negotiations and set negotiation objectives. It describes some common contract negotiation strategies and tells you how to carry out supplier due diligence checks.