In my previous role, I was tasked with renegotiating a contract with a key supplier whose pricing had become uncompetitive. I conducted a thorough analysis of market rates and presented my findings to the supplier, emphasizing the need for a more favorable rate to maintain our business relationship. Through multiple rounds of negotiation, I successfully reduced the supplier's rates by 15%, which not only saved the company money but also strengthened our partnership with the supplier.

I ensure compliance by thoroughly reviewing all contracts against relevant legal and regulatory frameworks. I collaborate closely with our legal department to identify any potential risks or non-compliance issues. Additionally, I stay updated on industry regulations and incorporate best practices into our contract templates. By conducting regular audits and maintaining clear documentation, I can confidently ensure that all contracts are legally sound and compliant with applicable laws.

I manage supplier risks by implementing a comprehensive supplier evaluation process that includes financial stability checks, performance metrics, and quality assessments. I also include robust performance clauses in contracts, such as penalties for late delivery or non-compliance. Regular communication and relationship-building with suppliers help in early identification of potential issues. By maintaining a diversified supplier base and having contingency plans, I can effectively mitigate risks and ensure continuity of supply.

I prioritize contract negotiations based on the impact on the business, urgency, and complexity. I create a detailed project plan for each negotiation, outlining key milestones and deadlines. By leveraging project management tools and maintaining open communication with stakeholders, I ensure that all negotiations progress smoothly. I also allocate time efficiently, focusing on high-priority tasks first and delegating where appropriate. This approach allows me to manage multiple negotiations effectively without compromising on quality.

In a previous position, a supplier failed to meet delivery deadlines, causing significant disruptions. I immediately engaged with the supplier to understand the root cause and negotiated a revised delivery schedule. I also worked closely with our internal teams to mitigate the impact on our operations. By maintaining a professional and collaborative approach, I was able to resolve the dispute amicably, ensuring that the supplier fulfilled their obligations and our business operations resumed smoothly.