Vendor Agreements

A vendor is a supplier who supplies goods or services to the individual or the owner of the business to carry out its business activities for monetary consideration. A vendor agreement is a business contract between two parties i.e.  vendor and customer that outlines the key terms of the business relationship, including what goods or services the vendor will provide. Companies generally have standard vendor agreements drafts but the types of vendor agreements vary from client to client or service to service. 

•  To make a Vendors Agreement both parties should draft the agreement & put all the required clauses.
•  Once the Draft is ready just check the same & finalise & put the signature of both the parties.
   

• Specify the goods & services that will be provided
• Mention payment mode
• The manner in which a client will be billed
• The manner in which a person will contact for accounts payable details
• Include Statement of Work (SoW)
• Knowledge of legal requirement & laws of the state
• Insurance
• 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

• It specifies the limitation of the vendor.
• Minimises the risk for future
• Mentions the procedure which the vendor should follow while working
• Helps to gear up the work