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7 tips for getting out of a bad vendor contract

When a seemingly sweet deal turns sour, it's time to prepare an exit strategy. Here’s how to preserve essential business operations, your vendor relationship and your job.

7 tips for getting out of a bad vendor contract
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Like death, taxes and network downtime, bad contracts are a fact of life for most IT leaders. Deals that once seemed fair and equitable can sour over time for various reasons, such as the availability of a better or lower-cost technology or a vendor's reluctance to live up to contract requirements.

"Most often, there's a resolution—if you want to find one," says P. Tracy Currie, who is CEO of business consulting firm Capto and has successfully negotiated — and renegotiated — contracts for numerous Fortune 500 IT organizations. Currie suggests moving to mitigate the damage as quickly as possible. "As mom always said, 'Pull the Band-Aid off quickly.'"

Burdened with a bum IT deal? Check out these seven tips that can help you shed a lopsided vendor contract and get back on course to IT and business success.

1. Establish relationships early

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