In any case, it's a strategy some vendors say doesn't work. EMC's Sahai, for instance, denies that his clients use long-term relationships as a carrot, "The foundation of all customer relationships is transparency and assurance of quality. Our customers respect us for this and there is no way they will rely on relationships to drive a renegotiation. Market fluctuations are not permanent," he says.

Fortunately for vendors, many CIOs agree with Sahai and reject the idea of browbeating their vendors into submission. They say that strong relationships and knowing a vendor's senior management on first name basis, all help in a renegotiating process, but what really clinches things is having an alternative option before a negotiation.And, all it takes to put those tricks up your sleeve is some homework. Some skillful negotiators will, for example, ensure that they thoroughly understand the market and the product.

It's an approach that P.V. Ramdas, VP-Technology, HCL Technologies BPO Services, says works. "[Vendors] will always put up a fight; they will not readily agree [to renegotiate]. But because they normally inflate prices, if they know that I know about the product and its value, they give in easier. It all depends on your knowledge of the product," he says.

Sometimes finding an angle can do the job. GMR's Paramian, for instance, got creative and used the nature of his business as bait. He realized and used the fact that today, every technology provider worth his salt wants a piece of action as far as the construction of international airports or real estate is concerned. These are niche sectors with unlimited possibilities of business and early entry into one company in these verticals -- even at the price of deep discounts -- could mean a ticket to other companies.

Whatever route you chose, it is important says Mark Grossman, a tech lawyer and founder of the Grossman Law Group, to negotiate. "I represent vendors. Trust me when I tell you that if you're the customer, you never want to accept those form contracts without changes. They're designed to be one-sided in favor of the vendor. I write them. I know. Don't walk into a deal thinking about how big they are. They want your business or they wouldn't be talking to you. Sure, the big boys of the world budge less than the vendor down the road, but they all bend."