Not only are most service agreements written where they can be changed and modified at any time, but notification of the changes is your responsibility to keep track of.
Who is responsible in your organization for keeping track of changes in provider contracts and agreements? The company posts the changes on the web site and include them in your statements.
“The Revisions are effective upon posting to the Website. Customer will receive notice of the Revisions in the next applicable monthly invoice. Customer shall have thirty (30) calendar days from the invoice notice of such Revisions to provide [provider] with written notice that the Revisions adversely affect Customer’s use of the Service(s).”
Term modifications are very common. How are they affecting you is something that needs to be determined by your vendor and service provider manager? In some cases this could include an increase in fees, taxes, insurance or 3rd party fees. How are these fees applied and can they be negotiated on your behalf?
Why were the terms changed? What does the increase cover? Are you getting more quality or less and paying additional fees? How does this change specifically affect your businesses bottom line? Is anyone asking these questions on your behalf?
We all know how busy every department in an organization is and in most cases usually spread thin. The resources available to efficiently and consistently review those areas that could be costing you are at times or most often overlooked. As experts in cost reduction we see these situations too often and in most cases Agreement terms will only go back and recover overcharges or disputes for charges covering a 90 day period – not the date from which the error or dispute occurred.
A vendor management solution is the only way to ensure all aspects of your vendors from contracts, to fees, taxes, insurance, rates documents are being managed individually to ensure maximum optimization and ROI.
When you have multiple companies, communities or organizations with a multitude of vendors and suppliers with contacts, compliance terms, agreements, renewals, discounts, government related cost and fees, 3rd party fees, surcharges, related costs and policies you need an expert in these terms to be analyzing, financially reporting and negotiating contracts on your behalf.
If you have questions regarding how to manage vendor contracts and service agreements and would like more information regarding fully managed vendor management solutions and how to increase your bottom line contact LIMITLESS at (866) 504-4050 or email us at email@example.com.