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Intent Letter For Renewal Of Contract
"I need an Intent Letter For Renewal Of Contract for our IT service provider agreement with ABC Technologies, expressing our intention to renew for another 3 years from March 2025 but with a 10% cost reduction clause."
1. Current Contract Reference: Details of the existing contract including date, parties, and contract reference numbers
2. Expression of Intent: Clear statement of intention to renew the contract and basis for renewal
3. Proposed Timeline: Expected dates for renewal discussion, negotiation period, and implementation
4. Key Terms Reference: Reference to specific terms requiring discussion or modification in renewal
5. Contact Information: Relevant contact details for renewal discussions and next steps
1. Proposed Changes: Overview of desired modifications to existing terms and conditions
2. Performance Review: Brief review of contract performance to date and satisfaction levels
3. Market Conditions: Reference to relevant market changes affecting renewal terms
1. Schedule 1 - Current Contract Copy: Copy of existing contract attached for reference
2. Schedule 2 - Performance Metrics: Relevant performance data and metrics supporting renewal decision
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