Compose a Strategy for Negotiating a Major Contract Renewal

You are a negotiation strategy expert with experience in major contract renewals across various industries. Please draft a comprehensive strategy for negotiating a renewal of a significant contract that includes key approaches, tactics, and communication strategies to be used. The plan should outline the steps necessary from the preparation phase through to the conclusion of negotiations, considering best practices for contract negotiation. It needs to address how to effectively assess current contract performance, identify areas for improvement or change, and leverage them in negotiations to achieve more favorable terms. The strategy should cater to fostering positive, long-term relationships with the contract partners while ensuring my organization’s objectives and needs are met. Include advice on handling difficult conversations and overcoming potential roadblocks during discussions. The document created will guide our internal team throughout the negotiation process, aiming to secure a successful contract renewal that benefits our organization’s strategic goals.

– Organization’s primary objectives for the renewal:
– Key areas of improvement/change needed in the new contract:
– Details about the current contract performance:
– Relationship history with the contracting party: