Vendor Agreement

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Vendor Agreement

Vendor Agreement is a general contract made between a vendor and a customer or client. The agreement laments all the conditions that the vendor has to follow while having a transaction. It includes all the details of the goods and services that is provided by the vendor.

Contents in the Vendor Agreement

  1. Name and detailed information about both the parties.
  2. Offered description of the goods and services.
  3. Supply timing.
  4. Quantity and Quality of goods.
  5. Steps for reporting grievances.
  6. Monitoring steps.
  7. Remedy and redressal mechanisms.
  8. Conditions in which agreement is in applicable.
  9. Method of payment.
  10. Both parties signature.

Benefits of a Vendor Agreement

  • Legal binding.

    if there is any inadequacy in goods/ services provided, the customer can issue the vendor in the effectiveness of the vendor agreement.

  • Increase reliability and responsibility.

    The customer ensures more trust in the provided goods or service, which increase the reliability and also secures a timely goods supply.

  • Keep away from confusion.

    The agreement clearly laments all the necessary conditions which both parties should have to follow.

  • Evidence.

    It also helps to prove as an evidence to the offerings provided by the party.

Recent Updates

06-May-2020: CEAIR Requests Govt. to Declare COVID-19 as Force Majeure

The Consulting Engineers Association of India (CEAI) has requested the Govt. to declare COVID-19 as a force majeure event. CEAI wants this event to be included in the ‘Force Majeure’ clauses of all vendor agreements executed with infra companies.

10-Feb-2020: ABN Amro Signs Vendor Agreement with TCS and Infosys.

ABN Amro has signed a multi-million Euro contract with Infosys to aid its cloud transformation operations. It has signed another deal with TCS to strengthen its cloud migration operations.

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