Contracts are an essential part of any business partnership, and telecom is no exception. Once you’ve found your service provider and signed a contract it’s easy to forget about the fine print, especially if you’re happy with your service. Still, it’s important to note that even if your telecom service is great now, the contract you signed may allow for unexpected changes later on. Here are a few tips on how to avoid getting trapped by your telecom contracts and ensure that there are no surprises down the road:
Know When Your Contracts Expire
First and foremost: know when your contracts are going to expire. Take the time to go back through any existing contracts you may have and make a record of your order and contract commitments. Keep these dates somewhere that they won’t be overlooked or forgotten- this will save you time and money when it’s time to renew or terminate services.
You should know…
- Your order/contract commitments.
- When the term expires – contract terms usually begin on the date of implementation, not when the contract is signed.
- What the early termination fees would be from each provider.
Stay Diligent and Communicate Early
It’s important to not only know when your contracts expire, but what will happen when they do. Many contracts include an automatic renewal of services upon expiration, which doesn’t sound too bad in the beginning. In actuality, the fine print in the contract typically allows room for telecom companies to raise their prices with notice during the contract and without warning upon expiration.
Some telecom companies automatically begin providing service on a month-to-month basis after a contract expires which may or may not include a price increase. Other contracts require a 30-60 day notice in order to avoid auto-renewal of a new term, which is important to know if you’re considering a different provider or service. It’s always a good idea to issue an official notice if you do not want your service to auto-renew, and be sure to get a confirmation.
The Bottom Line
You need to know when your contracts expire and keep a record that you’ll reference throughout the year. Plan on revisiting your contracts as early as six months before they expire so that you can be sure to take the best action for renewing or terminating services. If you have any questions about your current telecom contracts or are interesting in reducing your monthly telecom expenses, contact the team at Ecomtek today!