Things to know before making - VENDOR AGREEMENT

MEANING

Vendor Agreement is a legal document which stipulates the provisions regarding the work performed by the vendor. It is a contract which specifies the conditions regarding the performance of certain work. Vendor Agreement can be made for many purposes like office supplies, consultant, technology, services. While negotiating a clear vendor agreement one clearly puts the goals, strategies for cost minimization risk factor.

A Vendor Agreement is an Agreement which is made by a business owner who hires a person who will provide specific service or goods as per the requirement. There are various types in vendors agreement as per the requirement. The key points to cover in a Vendors Agreement are date, time & location of service. A Vendor Agreement should get along with the Statement of Work (SoW). A vendor agreement should not comes into operation without Statement of Work (SoW). It becomes enforceable after signing of both the parties.

IMPORTANCE

  1. With the help of Vendors Agreement, it specifies the limitation of the vendor.
  2. By writing down the business requirements it minimizes the risk for future
  3. It states the procedure which the vendor should follow while working
  4. It helps to gear up the work
APPLY FOR VENDOR AGREEMENT HERE.