When financial institutions partner with outside parties to provide mission-critical services, they are making long-term commitments. Because many of these services directly touch members, it makes choosing the right vendor for your credit union a high stakes decision. This podcast if the first of a two-part series on best practices in vendor contract negotiations and focuses on why vendors have three key advantages in negotiations that too many organizations underestimate.
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Strategic Resource Management (SRM) is the NAFCU Services Preferred Partner for vendor cost benchmarking and contract negotiation services. More educational resources and contact information are available at www.nafcu.org/SRM/