Contract Novation and GDPR compliance

The Client

A British multinational financial services and insurance company headquartered in London, founded in the 19th century to provide loans to professional and working people.

The client has 20 million life customers. It has a major business in Asia across 14 markets in Asia. Its US operations is one of the largest life insurance providers in the United States..

The Objective

To novate 3rd party supplier contracts and ensure they are GDPR compliant.

Odesma Impact

The customer had made a strategic decision to outsource a major element of its I.T. development, operation organisation and capability to a global outsourcing provider.

The contract novation for all 3rd party suppliers needed to be transferred from the existing client over to the new provider over a period of 4 months. In addition to the novation the new contracts needed to be GDPR compliant. 

This project involved working with existing client procurement teams, legal counsel and their appointed external legal support to agree the relevant negotiated changes and articles into the new contracts. All contract amendments were needed to be negotiated and agreed with suppliers and all drafted in conjunction with legal to ensure full compliance. There were over 100 contacts involved with a similar number of associated suppliers.

To deliver such a contract novation project over a 4 month period, we implemented a small team of Contract Management SMEs with a wealth of background in  I.T. and Associated Services. This team was based “on site” so that they could work in tandem with the existing client teams and obtain rapid escalation of issues as they arose – this was particularly important to the client as there were specific deadlines and financial milestones associated with the satisfactory migration of the contract novation.

For such a rapid delivery program we had to adopt a strict reporting and QA governance structure to ensure that quality standards and all admin tasks were completed on a daily basis.

The Results

The program was completed on time and within the agreed budget. Throughout the program we reviewed and novated all of the required 3rd party supplier contracts to the satisfaction of the clients’ team.

We re-negotiated over 200 IT and services contracts with 160 suppliers within very tight timeframes and all suppliers were contacted, contracts negotiated and amended to meet the needs of the service provider who was taking ownership of the newly amended contracts.