Getting a Vendor Contract Template is easy from here. A vendor is a person in the supply chain who supplies good or provides services in return for consideration or remuneration. A vendor contract lays down the provisions and conditions of work to be performed by a vendor. A vendor contract should contain the details of work to be completed, quality of goods supplied or service provided, duration of the contract including the commencement and expiry of the contract, terms of payment, and indemnity in case of loss to either party’s arising from any negligence, etc. A vendor contract becomes enforceable by law only when the vendor and the customer sign the contract and thereby show their willingness to accept the terms and conditions of the contract.Vendor Contract Template will make your work lot more easier.
Usually the customer attaches with the contracts a statement describing the particulars of the goods or services, their quantity and quality of goods to be supplied over the period of the contract. The payments to the vendor would be made based on such statement. The payments to vendor may be made in a single installment or as running payments based on the agreement terms. Running payments, commonly known progressive payments are paid on a weekly or fortnightly basis on submission of the invoices by the vendor.
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