Use competitive tension to negotiate better pricing or terms by presenting offers you've received from similar vendors. Mention that you are considering different options, and stress that the lower price is a necessity for your approval to proceed. This tactic forces the supplier to respond with a more attractive offer.
If you feel pressured by urgency from the supplier to sign quickly, take the time to conduct a quick market check to ensure the quoted price is competitive. Engage with other vendors to make comparisons and assess if the offer is justifiable. If necessary, leverage these insights to request additional concessions.
If the renewal contract suggests significant uplift in pricing, negotiate for that uplift to be removed by referencing your budget restrictions and industry standards. Clearly articulate your expectation of price stability in light of your ongoing partnership and historical spending.
Push to remove any automatic renewal clauses from the contract as part of the negotiation. Emphasize that this requirement aligns with internal financial audits or legal mandates, which can help maintain leverage in future negotiations.