During recent weeks, we have seen some unprecedented events in the global financial markets that are having a profound impact on the tech sector, including the services business. Service providers are already seeing their clients and prospects taking proactive measures to mitigate the risk of coming under severe financial pressure themselves.

Forrester Research in a report is confirming that the credit crunch is beginning to hit technology services firms.

The extent of the damage is unclear, but IBM’s lower-than-expected third quarter revenue (its earnings are stronger than expected) may indicate something worse is afoot.

Forrester’s report indicates that customers are putting off new projects, trying to negotiate new terms and cutting contractors. The companies impacted could range from HP, which just bought EDS, IBM and Accenture to name a few. Forrester writes:

Here are the key anecdotes relayed by Forrester:

Clients are disappearing. Consolidation among key customers–especially in the financial services industry–is dinging service providers.

Decisions are being put off. Customers aren’t ditching projects completely, but companies are wary of making any big decisions. Thus far, deals are being put off three to six months to evaluate the new conditions.

Companies are financing IT services deals as they hoard cash. Services providers are offering flexible billing and payment options. The rub is that these providers could be on the hook if customers fail. For now the financing approach may be working. Forrester quotes:

It’s renegotiation time. Forrester reports that clients are renegotiating rates and pricing. Providers were expecting to increase services rates by 10 percent to 15 percent this year, but “anecdotal evidence suggests that overall consulting rates are more likely to decrease by 2 percent to 5 percent this year.”