Tenders and Contracts

Contract negotiation‘Winning a tender and the subsequent contract negotiation is crucial for creating value’

Dennis Haggerty offers significant experience negotiating contracts with UK blue chip companies, charities and major intermediaries. Also working as a leader of a bid team preparing and presenting responses to tenders from significant UK financial institutions. This work includes:

  • Undertaking extensive analysis of the prospective business partners requirements and their ability to implement their plans
  • Both setting up and secondment to bid teams
  • Negotiation with internal stakeholders
  • The production of a comprehensive and attractive proposal
  • Securing internal resources to produce a response to tender
  • Ensuring the timely and complete output from the bid team with sign off from all stakeholders
  • Presentation of the proposal/response to tender to members of the board/senior team at the prospective business partner
  • Chairing follow up meetings to jointly examine aspects of the proposal
  • The ultimate responsibility for recommending either to go ahead or to pull out of a negotiation where the return on capital allocated falls below threshold
  • Driving the negotiation ‘across the line’ and securing signatures

The last three points above, if not handled well, can destroy value for the insurer. They are as critical as all of the preceding points combined. In a highly regulated sales environment, ensuring a contract is right is a fundamental requirement. It is also the foundation upon which all subsequent business can be built.

Best Practice