In episode 4 of buying and implementing technology for treasury professionals, Sean Malcolm – Vice President of sales, Treasury at HighRadius talks about the best practices for reaching an agreement with your preferred technology provider along with:
- Common types of agreement
- Areas of negotiation
- Additional tips and tricks
Business partnerships are strengthened when contracts are properly agreed upon. Contract agreements provide a higher level of visibility, and the goals are clear. There are different types of agreements, and with each type of agreement, there are some negotiable areas that may be fully utilized for the greatest profit. This episode covers all these aspects and will give you a clear picture on the areas that you need to focus and well as the areas you need to avoid.
Since many treasury technologies are deployed on the cloud in today’s modern treasury world, treasury professionals frequently encounter subscription type of agreements. Sean talks about how the subscription type agreement works and the advantages it provides to both the users and the vendors. He also discusses on how SaaS type agreement contains negotiable areas such as:
- Daily rates
- Payment terms
- Inflation adjustments
- Termination rights
Along with that, he also provides some insights on the tougher areas of negotiation such as: Intellectual property, Service level agreements and Data protection. The attempt to reach an agreement in these areas could cause the process to postpone for a while.
