Maracell Peterkin, small business owner, was excited to get her first contract as a small business owner. Not long after the award, the contract was breached and she was left holding a bag but the bag was filled with bills, worries and regrets instead of money.
Terms and Conditions are oftentimes negotiable but not always. What's important to know and remember is that if you can't negotiate unfavorable terms out of the contract, you MUST understand the risks that are associated and understand your company's risk tolerance.
As always, READ and UNDERSTAND before you sign a contract, negotiate terms and conditions during the RFP process and before the award process for best results. Don't be afraid to ask questions and ensure the contract awarded fits your unique business model. Lastly, don't be afraid to walk away if the contract isn't right for you. There will be other procurement opportunities!