Vendor Agreement

VENDOR AGREEMENT

 

Like most of the general contracts, Vendor Agreement is made between a vendor with its customer/client. The agreement stipulates all the conditions that the vendor has to satisfy in performing a transaction. It must include all details of the goods and services offered by the vendor

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ADVANTAGES OF VENDOR AGREEMENT.

 

  1. LEGAL BINDING: In case of deficiency in goods and services provided the customer can sue the vendor in the light of vendor agreement.
  2. IMPROVES RELIABILITY AND RESPONSIVENESS: The client builds more trust in the good/service provided, which improves reliability and this will ensure timely supply of goods.
  3. AVOIDS CONFUSION: The agreement clearly describes all the conditions which both the parties have to follow.
  4. EVIDENCE: The agreement made is evidence to prove offerings by the parties.

 

Click here to know more about the “Master Service Agreement”.

 

CONTENTS

 

  1. Name and details of parties.
  2. A description of the goods and services offered.
  3. Time of supply.
  4. Quality and Quantity of goods.
  5. Procedures for reporting grievances.
  6. monitoring procedures.
  7. Redressal mechanisms and remedy available.
  8. Circumstances where agreement is inapplicable.
  9. Payment methods.
  10. Signature of parties.