Contract Renewal Specialist

Role Objectives:  

• Retention Focus : Ensure maximum renewal rates by addressing client needs and mitigating risks of non-renewal. 
• Revenue Assurance : Secure recurring revenue streams through timely and successful renewals. 
• Efficiency : Streamline the renewal process to save time and resources while maintaining accuracy. 
• Customer Procurement Behavior : Document how customer’s procurement process including typical timelines for contract closure and issuance of Purchase Orders. 

1. Monitor and Track Renewals : 

• Maintain a calendar or system to track contract expiration dates. 
• Ensure timely follow-ups with clients or internal teams well before contracts expire. 
• Keep accurate records of all renewal agreements (Dynamics CRM) 

1. Client Communication : 

• Proactively reach out to clients to discuss renewal terms. 
• Address client concerns or questions related to renewals. 
• Build and maintain positive relationships to facilitate smooth renewals. 
• Participate in Biannual Executive Business Review (and provide inputs, highlights, etc.) 

1. Negotiate Terms : 

• Review current contract terms and propose updates or adjustments based on client needs or company policies. 
• Collaborate with legal or sales teams to finalize and execute renewal agreements. 

1. Internal Coordination : 

• Liaise with relevant internal roles (e.g., Delivery, sales, legal, finance) to ensure alignment on renewal strategies. 
• Escalate issues to appropriate teams when necessary (e.g., for pricing or service changes or budget concerns). 

1. Reporting and Metrics : 

• Participate in Quarterly Business Reviews in coordination with Delivery team 
• Track and report renewal rates, churn, and reasons for non-renewals. 

• Strong communication. 
• Attention to detail to manage timelines and ensure accurate documentation. 
• Customer relationship management (with customer’s engineering managers and procurement contacts) to foster long-term partnerships. 
• Organizational skills to handle multiple renewals simultaneously. 
• Good negotiation abilities