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.
· 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
·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