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A vendor contract (otherwise known as a vendor agreement) is a business contract between two parties covering the exchange of goods or services in return for compensation. Vendor contracts establish the business relationship conditions and include details on each party's obligations under the contract.
The purpose of a vendor contract is to allow all parties involved to understand what is expected in terms of deliverables, payment, etc. during an exchange of goods or services and the consequences if those expectations are not met. Companies are also better able to mitigate their risks by negotiating vendor contracts at the start of any business/vendor partnership.
1. What Is a Vendor?
A vendor is a party in the supply chain that makes goods and services available to companies or consumers. The term "vendor" is typically used to describe the entity that is paid for goods that are provided, rather than the manufacturer of the goods itself. However, it is possible for a vendor to operate as both a supplier (or seller) of goods and a manufacturer.
2. Why are vendor agreements important?
The primary importance of vendor contracts is that they define what each party owes the other. Vendor contracts contain the details of a project, including what must be accomplished, when it must be completed, and how much it's going to cost.
3. What are vendor disputes?
Most vendor disputes are ruled by a specific contract or supply agreement. These contracts generally provide for the terms and conditions of the relationship between the buyer and supplier.