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NOTE: Natalie Redman provides today’s guest blog, ‘Study The Main Determinants of Contract Renewals.” The tips below are beneficial for almost any contract renewal, no matter your career or type of business.
Natalie is a freelance writer for many clients across multiple industries. Natalie has two years of copywriting experience. Natalie has a wide range of experience copywriting for web pages for businesses across many industries. She’s also an owner of two blog websites and a Youtube content creator. Connect with Natalie on LinkedIn or email your questions.
The Main Determinants of Contract Renewals
Approaching any form of conversation around contracts can be a little terrifying, especially when you’re not particularly well-versed in the legal jargon. For anyone completely out of their depth, advice and guidance on what to expect will prove very helpful. And experience is an excellent teacher.
A contract renewal is often brought to the table when an agreement is made, usually between two parties. It’s where the contract ends and both parties agree to enter into a new contract. You will do well to recognize the changes you want to introduce and what you want to remain in the contract.
In this article, you’ll get the low-down on the main determinants of contract renewals and some tips on ensuring you get what’s fair, regardless of your job description. Whether you’re the client, a potential new hire, a DJ, an entrepreneur, or a small business owner, you will do well to keep the following insights in mind for when the need arises.
Why is a contract renewal needed?
Contract renewals for any business or client are necessary to continue the relationship under a legally binding agreement. It ensures that both parties are protected, should there be any fallout from either end.
For many freelancers who aren’t explicitly tied to a company full-time, contract renewals can help provide the opportunity for financial growth. It can also open up a conversation regarding certain additions to the agreement that might also benefit the individual.
As an example, let’s examine the contract between a DJ and the client is more than just a job; it’s a partnership. 57% of organizations use partnerships to acquire new customers. Accordingly, contract renewal is essential to secure further success for both parties. For the DJ, it could be more exposure for their business, and for the client, it’s a way to get people into the venue.
Contract renewals offer the opportunity for growth, and so when it comes to DJ contract renewals, there are some factors to consider.
Discuss the old contract – out with the old, in with the new
Firstly, it’s vital to go over the contents of the previous contract. The contract before this new one is likely to be outdated to some extent, and perhaps certain areas need further review.
Before creating a new contract, it’s worthwhile for both parties to review the old and make notes separately or together over topics for discussion and potential changes. Otherwise, the process may cause delays. Of course, any changes can be made right until both parties sign, but it’s good to address the potential changes upfront.
It’s an opportunity to sell yourself
From the DJ’s perspective, a contract renewal can be the opportunity to sell yourself and potentially improve the arrangement with the client. The client may only want the same service as usual or may be willing to hear the suggestions offered.
As a creative, there may be many ideas that a DJ might want to pitch that could involve the client having to spend more money. In any scenario where you’re asking for more than what you have already, be ready to sell yourself. Find those key pointers that will convince the client that your ideas or yourself as a DJ are worth the extra expenditure.
Consider a tool or software for the renewal contract
To make the contract renewals as stress-free and hassle-free as possible, using software or a tool to create it makes much sense.
There are some great providers of contract templates too, which can save both parties a lot of time and effort in creating it from scratch. This DJ contract template is a useful one as you can tailor it precisely to your needs.
There might not be much need to invest in contract software when it comes to individual contracts. However, depending on the volume of contracts that either party creates, it’s worthwhile to consider contract management software out there on the market. It could end up proving cost-effective while saving time and resources instead of having to draft the contracts manually.
Making changes in the new contract
No one wants a bad experience when working with clients. Typically, an old contract necessitates changes. The benefit may prove to be one-sided, so together, focus on ironing out the issues before drafting the agreement.
Consider which changes are necessary before the contract’s creation. As with any sale, a friendly negotiation regarding changes is essential for moving forward. This part of the process can be the most time-consuming piece. The goal is for both parties to be satisfied with the new contract.
Be forewarned that there may be a few occasions where the parties butt heads over their disagreements. Poor contract renewal processes can end with a loss for both parties in terms of revenue or potential opportunities that have come part and parcel with the partnership.
Check before you sign on the dotted line
Some contracts might not have a hefty length of time attached to them, and some may be long-term agreements. Using the example is one reason why you should check, double-check and triple-check before signing.
Even though both parties have gone through the old contract issues, discussing new terms and adding them into the contract, unforeseen problems may still exist or arise unexpectedly.
It’s essential to go over everything with a fine-tooth comb and, where necessary, having a second opinion on it from someone you trust in a professional capacity. Both parties might not anticipate any deception or disagreements, but it can happen.
With any contract or contract renewal, look through the document carefully before signing it. It is also a stage in which you may want a legal professional to review the document to ensure its legitimacy in a court of law.
Tips for a contract renewal designed to increase satisfaction:
Creating a contract renewal that both parties are happy with is the ultimate objective. Mutual respect and understanding for one another are essential for a harmonious partnership.
Review the following tips to ensure the renewal process goes smoothly:
Ensure that renewal is the right choice for both you and the client
Before moving forward, it’s essential to consider whether or not this is the right choice for either of you. Sometimes, client relationships outlive their benefits. Circumstances may change that no longer make it necessary to continue. Also, consider whether you feel stuck or the agreement feels restrictive.
Plan it ahead of time
Planning is helpful because it often means everything will go ahead as it should. A contract may require substantial preparation before organizing the meetings to discuss the new contract terms and conditions.
Should renewal be necessary soon, planning will help make the process smoother.
Remember to be fair and realistic
Sadly, some people keep a one-sided view, thereby making the need for determinants of contract renewals vital. Both parties do their best to keep fairness in mind. Being realistic is an unspoken requirement when wanting to make changes. Otherwise, it is more likely to have a negative outcome, resulting in loss of the contract with that party.
Learn how to negotiate
More than 40% of US employees say they don’t feel confident in their negotiation skills. The issue is something that’s all too common across many industries globally! Learning how to negotiate and becoming more confident in your negotiation skills can be critical for earning more or seeking opportunities in life.
Be prepared to negotiate where possible and build up your skills in this area, regardless of whether you’re the DJ or the client.
Prepare a Plan B
And finally, always prepare a Plan B. Not every contract renewal will go smoothly, and some may not end up formulating. Accordingly, be sure to have a backup plan to continue supporting the business or the career you may have as a DJ. There’s always something out there that’s worthy of being a backup, so have it in place just in case.
Contract renewals are essential between supplier and client, regardless of the industry or job roles required. As a DJ, securing a regular client can solidify income. Accordingly, it is another reason to review the main determinants of contract renewals.
Whichever industry you represent, review the determinants of contract renewals when your contract renewal date arrives. Ensure they are in sync with your priorities, and enjoy your career!
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Sales Tips: Study The Main Determinants of Contract Renewals
- Before discussing, reading, or agreeing to a contract review your priorities and goals.
- First read the contract to ensure it aligns with your vision and priorities.
- Confirm the contract benefits you and the provider.
- Mark anything that sounds questionable to avoid forgetting an important topic.
- In a professional tone, question anything that may sound uncertain or needs clarification.
- Request an edit to the contract where you see discrepancy from the initial conversation.
- Should a lack of willingness to edit the contract appear, ask for an explanation.
- Verbalize expectations and come to agreement before authorizing the contract.
- Make it a habit to review the main determinants of contract renewals.
- Celebrate Success!
Today’s insights are provided to help you achieve the Smooth Sale!
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