Fenmoor Specialty Underwriting / BB-Demo – Negotiation
Callcompleted
Fenmoor Specialty Underwriting: documents · 2024-05-28 09:15
Fenmoor negotiated the Growth order form ahead of signature on 17 Jun 2024. Asks: separate invoices, a service-level exit right, data location in the schedule, and any price movement shown against list. All subject to contract.
What was said
What this says
Current to 10 Oct 26Fenmoor negotiated the Growth order form ahead of signature on 17 Jun 2024. Asks: separate invoices, a service-level exit right, data location in the schedule, and any price movement shown against list. All subject to contract.
What happened: Priya Raman, Owen Tallis and three Fenmoor people agreed what goes into the paper. Nothing was signed or agreed on the call.
Customer view: Richard Thorne wants one number and a short paragraph for his board. Harriet Gale wants two invoices, each reconciling to an order form line, with the period and any credit note reason on the face.
Commercial: Louise Carver asked for movement on the fifty-six thousand pounds, which Owen Tallis ties to signature by 17 Jun 2024 and a clean annual term. Any discount is first term only.
Watch: Louise wants a right to exit if service levels are missed, not only credits, and Owen has not seen the wording. Louise sends the redline by the end of the following week.
Themes
Current to 9 Oct 26Theme
Order form commercial terms
Importance
neutral
Sentiment
neutral
Voice
decision-maker
Who was there
BB-Demo
CRMmade from
Them
CRMmade from
Follow-up
Next steps
Current to 9 Oct 26- Louise Carver sends a redline on the termination clause and data protection schedule by the end of the following week.
- Priya Raman sends the updated summary the next day with split lines, the data sentence and the board paragraph.
- Owen Tallis reviews the exit right wording and turns the redline round within a few days.
Risks
Current to 9 Oct 26- Fenmoor wants a right to exit if service levels are not met, beyond credits, and BB-Demo has not seen the wording.
- Louise Carver has not accepted BB-Demo's template and is working from a Fenmoor redline on the termination and data protection clauses.
- Richard Thorne must take the figure to his board, so signature depends on that approval.
Opportunities
Current to 9 Oct 26- Signature of the Growth tier order form by 17 Jun 2024 with implementation and subscription as separate lines.
- Fenmoor accepts a first-term discount in return for signature by the date and annual payment in advance.
Transcript
Priya Raman NoneMorning, everyone. Can you hear me alright? Owen's just come into the lobby, I can see him – there he is.
Owen Tallis NoneMorning. Yes, I'm here. Sound okay on your side?
Richard Thorne NoneGood morning. I can hear you both.
Louise Carver NoneMorning, all. Harriet is dialling in from another room, so give her a moment.
Harriet Gale NoneI'm here. Apologies – the room I booked was double-booked, so I'm in the small one by reception. Can everyone hear me?- Priya Raman NonePerfectly. Right, lovely. Quick recap of where we are, just to keep momentum. We've done the demo on your own submissions and bordereaux data, Richard saw the single view last time, and Louise has had our draft order form for a little while. The date we've been working towards is signature on 17 Jun 2024, so we've got a few weeks. Today is about getting the commercial points onto one page so nobody is surprised.
- Richard Thorne NoneBefore we go further. What is the decision I am being asked to make today?
- Priya Raman NoneFair question, and a good one. None today, honestly. Nobody is asking you to sign on the call. It's to agree what's in the paper so that when it comes to you it's simple – scope, the number, the dates.
- Richard Thorne NoneKeep it simple. Good.
- Owen Tallis NoneAnd from my side, I'd just add – what's the next dated step? I'd like us to leave this call with one. I don't like a close date that's only a hope.
- Louise Carver NoneUnderstood. Can I just confirm which version of the document everyone has? I'm looking at the draft order form you sent, with our tracked changes on the payment and termination clauses and the data protection schedule.
- Priya Raman NoneYes – that's the one. Your redline on top of our draft. Owen, you have the same?
- Owen Tallis NoneI do. With your comments in the margin. Happy to work from it.
- Harriet Gale NoneI have the commercial summary open. Not the order form. The summary has one total on it. I can't tell from that which part is subscription and which is implementation.
- Owen Tallis NoneRight, yes. So the total on the summary is fifty-six thousand pounds. That's the total value of the deal – the one-off implementation fee and the first year's subscription together, for the Growth tier. It isn't an annual price on its own.
- Harriet Gale NoneThank you. So the fifty-six thousand is not what we would pay per year.
- Owen Tallis NoneCorrect. The order form carries them as separate lines, so you can see the implementation fee and the subscription each on their own.
- Harriet Gale NoneThen I would like them invoiced separately, please. Two invoices, each one reconciling to a line on the order form. For audit purposes. Our capacity providers look at supplier spend, and a single lump with a description I can't split is a problem for me.
- Priya Raman NoneHappy to make this easy – that's no problem at all. Separate invoices, each referencing the order form. I'll put that in the summary so it's in writing.
- Harriet Gale NoneAnd the period each one covers, please. Start and end, on the face of the invoice.
- Owen Tallis NoneYes. Subscription period on the invoice. Our finance team does that as standard.
- Harriet Gale NoneGood. Then I have nothing further, unless the figures move.
- Richard Thorne NoneCan I ask a simple thing. What does this cost us, all in?
- Priya Raman NoneFifty-six thousand pounds. All in, implementation included, for the Growth tier. That's the figure on the summary, Richard.
- Richard Thorne NoneAnd there is nothing beyond that. No extras that appear later.
- Owen Tallis NoneNot for what's in scope. If you add users or connectors beyond what the tier includes, or take an add-on, that's priced separately and you'd see it before you agreed to it. Nothing arrives by surprise.
- Richard Thorne NoneMm. I'll need to take that to the board. They will want it as one number and a short paragraph.
- Priya Raman NoneWe can give you both. I'll draft the paragraph, you can edit it – keeps it in your voice.
- Richard Thorne NonePlease.
- Louise Carver NoneCan I turn to the paper. Our standard position is that supplier agreements go on Fenmoor's terms, or at least a Fenmoor schedule on top. I've not accepted your template as it stands, and I wouldn't expect to.
- Owen Tallis NoneThat's fine. We can work from your redline on the master agreement. The order form sits underneath it, so the order form is where the commercial terms live. Tell me which of your changes worry you most and we can start there.
- Louise Carver NoneThe termination clause, mainly. We need a right to exit if the service levels aren't met, and not only credits. And the data protection schedule – our capacity providers expect to see where the data sits.
- Priya Raman NoneOn where it sits – it runs inside your own Snowflake account. Nothing is copied out to ours. That's quite a clean answer for the schedule.
- Louise Carver NoneThat helps. I'd still like it written down in the schedule and not in an email.
- Priya Raman NoneOf course. We'll draft that sentence for you.
- Owen Tallis NoneOn the exit right, I'd want to see your wording before I say yes or no. I'm not going to agree a clause I haven't read. But I don't think we're far apart.
- Louise Carver NoneThat's reasonable. I'll come back with a redline.
- Louise Carver NoneNow, price. I'd like to ask about the number. Our position is that list price is only paid in exchange for something. Is there a movement on the fifty-six thousand?
- Owen Tallis NoneThere is some room, but let me be straight about how it works. Any discount applies to the first term only. It doesn't carry forward, and it comes off the subscription. And let's not discount twice – if we move on the price, I'd want something back for it.
- Louise Carver NoneWhat do you have in mind?
- Owen Tallis NoneSignature by 17 Jun 2024, which is the date we're all working to. And a clean term, no bespoke payment arrangement. Those are the two.
- Louise Carver NoneSignature date is something I can discuss with Richard. A clean term I'd want to understand. Do you mean the full term, in advance?
- Priya Raman NoneAnnual in advance is the standard, yes. We can do quarterly on request, but then it's not the same conversation about the discount.
- Louise Carver NoneUnderstood. I'm not agreeing anything on this call, to be clear. This is all subject to contract.
- Owen Tallis NoneCompletely understood. That's how I'd want it.
- Richard Thorne NoneLouise. If there is a movement, I would like it shown against the list. So the board can see what was offered and what we obtained.
- Louise Carver NoneYes, I'll put both on one sheet.
- Priya Raman NoneAnd, Owen – if we can get this over the line by the date, I'd say we can put any movement in writing with that deadline attached, so it's not open-ended.
- Owen Tallis NoneYes. With a deadline, in writing. Not before.
- Harriet Gale NoneOne more point from me. If a credit note is ever raised against these invoices, I will need the reason on the face of it. I don't accept a verbal explanation.
- Owen Tallis NoneNoted. Reason on the document. That's fair.
- Harriet Gale NoneThank you. That's all from me.
- Priya Raman NoneLet me read back what I have, so we're not each remembering something different. One – the fifty-six thousand is the total value, implementation included, for the Growth tier. Two – separate invoices, with the period on each. Three – Louise sends a redline on the termination clause and the data protection schedule. Four – we draft the sentence about the data living in your Snowflake account. Five – any movement on price is first term only, tied to the signature date, shown against list.
- Louise Carver NoneThat matches my notes. Subject to contract.
- Richard Thorne NoneAnd the date.
- Owen Tallis NoneSignature 17 Jun 2024. The next dated step is Louise's redline. When can we have it?
- Louise Carver NoneEnd of next week. I'd rather give you a proper one than a quick one.
- Owen Tallis NoneThat works. Then we turn it round within a few days and there's still time before the date. Priya, you own the updated summary.
- Priya Raman NoneI'll send it tomorrow. Split lines, the data sentence, and the paragraph for Richard's board paper.
- Richard Thorne NoneThank you. That is clear.
- Priya Raman NoneBrilliant. Thanks everyone – speak soon.
- Louise Carver NoneThank you. Goodbye.
- Harriet Gale NoneGoodbye.
- Owen Tallis NoneCheers all.
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