VENDOR AGREEMENT

WHAT IS VENDOR AGREEMENT?

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

ADVANTAGES OF VENDORS AGREEMENT

A vendor agreement is an immensely important legal document for any business and its provisions vary for each vendor. A business must not settle with vendor agreement templates available online since those agreements contain only the basic components and may not necessarily protect

REQUIREMENT OF VENDOR AGREEMENT

Date & details of the parties like names, addresses
Clarification of vending license to check whether the organization is permitted to deal with the product
Draft a brief statement of expectations of the vendor
The imposition of tax on product & services
Delivery details
Payment terms
A vendor is not an employee of the contractor & he is not eligible for any employment benefits
To show that a vendor is an independent contractor
Termination of vendors agreement
Payment or reimbursement of attorney fees