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In this video, Tyler VanWormer, Manager of Supply Chain Consulting at Illumis Global, discusses the importance of the Most Favored Nations (MFN) clause in supplier contracts and supply chain consulting and how it can help businesses secure the most competitive pricing, ultimately supporting supplier payment terms optimization and cost recovery.
With 15 years of experience in auditing and finance, Tyler brings extensive expertise in finance and contractual matters to this topic. He has worked with clients to recover millions and has provided detailed recommendations for process improvements and risk mitigation. His background in derivatives, mathematics, and data analysis makes him uniquely equipped to guide businesses in maximizing their contract value through a contract compliance audit.
A Most Favored Nations clause ensures that your supplier is not offering better pricing to other customers, which could lead to unnecessary costs for your business. These clauses originated from international trade agreements but are now widely used in various contracts, and yet many procurement professionals are unaware of how often they appear. Without regular monitoring, breaches in MFN clauses can result in significant, overlooked expenses.
Tyler walks you through the complex process of auditing MFN clauses, highlighting how it involves examining your supplier’s contracts to ensure your pricing is in line with the best available terms. A thorough MFN audit will help you ensure you’re getting the best value for your investment, improving supplier payment terms optimization and overall contract compliance.
Watch the full video to learn more about enforcing MFN clauses and how they can impact your company’s bottom line.
Working for Illumis for 21 years, Brush has been instrumental in the growth of the company. Brush served as Vice President at Illumis before stepping into the role of President / CEO and has been involved in all aspects of the company’s business throughout his career.
Brush’s approach to his role centers on the motto of Illumis, Bright Ideas for Better Profits. Known for his loyalty, team building, and tough but fair expectations, he empowers employees to deliver, therefore fostering a company culture that ensures customers can count on people.