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What is a Vendor Agreement?

A Vendor Agreement is a legal document defined under the Indian Contract Act, 1872. It sets the provisions regarding the quality of services to be provided, cost, liability, duration, and other conditions to be fulfilled by the vendor. It's a contract that specifies the terms and conditions under which a work must be completed. Vendor Agreements can be used for office supplies, consultants, technology, and services, among other things. A Vendor Agreement must always be accompanied by a Statement of Work (SOW). A Vendor Agreement becomes valid and enforceable when the customer and vendor duly sign and execute the original agreement.

All About Vendor Agreement

Why NEED A Vendor Agreement?

Provides Clarity
A Vendor Agreement will explicitly describe the vendor's work and how it is to be done, as well as a period. This ensures that all parties have a clear understanding of their duties and obligations.
Increased Efficiency
With a Vendor Agreement, a person may establish the security rules, financials, and other key data that will be required for the same, resulting in increased efficiency and the development of a successful supplier and vendor relationship.
Risk Identification and Management
A Vendor Agreement contains a detailed description of the obligations, regulations, and norms, as well as the identification of the vendor's risk.
Exercise Legal Rights
Both parties are entitled to enforce their legal rights in case of any discrepancy arising in the course of the agreement.

Documents / Details we need

Names and References
Details of both the vendor and business owner including photographs. (Including Government Identification of both the parties )
General Information
Details on rules & regulations, renewal, payments, deposits, and the time period of the services provided, etc.
Details of goods and Services
These details include the quality of the goods and services, the number of goods, the variants of goods-like colours, shapes, etc.

Important Clauses

Services or Product's Scope
The most crucial item to express in a contract is exactly what the vendor will be performing for your company or delivering to your company. The contract will specify what items or services are offered, as well as the terms under which they must be delivered.
Time duration
The time frame is crucial with regards to the services rendered and the time period for clearing the payment due for services rendered. This clause specifically defines the agreed-upon time period within which the services must be completed, failing which proportionate penalties apply.
Mode of payment
A legal contract must include some kind of compensation (price) in return for the other party's performance. Even if the price is paid in a form other than cash, such as in-kind donations or debt forgiveness, the contract must still specify this.
Breach and Indemnity
A clear description in the contract stating, what are the penalties and rectification during a breach. The phrase indemnity refers to the payment of compensation from one damaged party to another, and it is intended to compensate for the loss incurred on the beach.

What's the process ?

1. Assessment
Our team will reach out to you to obtain the necessary information to assess the scope of the Vendor Agreement, details of the parties thereto.
3. First Ready Draft
We will complete the first draft of the Vendor Agreement and email it to you for approval within 48 hours. Any required modifications will be made after approval and presented to you on the agreed-upon next date.
2. Due Diligence and Drafting
Once we receive the information, we will begin drafting the agreement from scratch, defining the quality of services to be provided, cost, liability, duration among other important clauses that will vary depending on the needs of each client and their understanding of the Vendor.
4. Final Agreement
With a high-quality team of professionals, the entire process of creating the draft and delivering the final copy of the Vendor Agreement will be accomplished in 72 working hours.
1. Assessment
Our team will reach out to you to obtain the necessary information to assess the scope of the Vendor Agreement, details of the parties thereto.
2. Due Diligence and Drafting
Once we receive the information, we will begin drafting the agreement from scratch, defining the quality of services to be provided, cost, liability, duration among other important clauses that will vary depending on the needs of each client and their understanding of the Vendor.
3. First Ready Draft
We will complete the first draft of the Vendor Agreement and email it to you for approval within 48 hours. Any required modifications will be made after approval and presented to you on the agreed-upon next date.
4. Final Agreement
With a high-quality team of professionals, the entire process of creating the draft and delivering the final copy of the Vendor Agreement will be accomplished in 72 working hours.

Why choose us

PERSONALISED SERVICE

A dedicated Case Manager ensures quick turnout to all your queries and tailored solutions that fit perfectly for your requirements.

72 HOURS DELIVERY

All your drafting queries are addressed, understood, and delivered with quality under 72 Hours.

EXPERIENCED TEAM

Our team of dynamic professionals is well experienced and extremely proficient to cater to your needs, ensuring the best service.

24/7 HELPLINE

We are available to address and clarify all your queries round the clock. So you can worry less and focus more on the business.

Frequently Asked Questions

It essentially functions as a mutually agreed-upon composite insurance between two parties. It’s made when you’re working with a tiny firm, but now that you’ve seen the benefits, your productivity has skyrocketed.
Whenever anyone is interacting with vendors, one should get them to commit to safeguard their company’s future. It clearly outlines the suppliers’ duties and obligations in terms of business. Basically, every aspect of starting a firm should be thoroughly considered.

There is no such requirement for registration simply signing the agreement is enough to make it functional.

A Vendor’s Agreement is an agreement which defines the rights, duties & responsibilities which should be performed by the vendor.

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