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Important Clauses of Vendor Agreement

Important Clauses of Vendor Agreement

What is a Vendor Agreement?

A Vendor Agreement is an Agreement which is made by a business owner who hires a person who will provide specific service or goods as per the requirement. It  is a legal document which stipulates the provisions regarding the work performed by the vendor. It is a contract which specifies the conditions regarding the performance of certain work. Vendor Agreement can be made for many purposes like office supplies, consultant, technology, services. While negotiating a clear vendor agreement one clearly puts the goals, strategies for cost minimization risk factor.

Important Clauses of Vendor Agreement

While making a Vendors Agreement both parties should keep following things in mind:

  • Date of the agreement & the date of providing services or delivery of goods should be given in the Agreement.

  • The Precise time of the delivery should be given in the agreement.

  • Location where the service has been provided

  • Statement of Work without which a Vendors Agreement is treated as inoperative.

Other points to remember while making a Vendor Agreement are as followas:

  • Specify the goods & services that will be provided

  • Mention payment modes

  • The manner in which a client will be billed

  • The manner in which a person will contact for accounts payable details

  • Include Statement of Work (SoW)

  • Knowledge of legal requirement & laws of the state

  • Insurance

  • A vendor is not an employee of the contractor & he is not eligible for any employment benefits

  • To show that a vendor is an independent contractor

  • Termination of vendors agreement

  • Payment or reimbursement of attorney fees

How to create a Vendor Agreement Online?

Follow the simple 3 step procedure to create your Vendor Agreement online

  1. Login to LegalDocs Website and go to Vendor Agree page under >>> Legal Drafts

  2. Fill up all the required fields like details of parties, additional clauses etc

  3. Our team of expert lawyers will work on your draft & deliver the same to you As the Draft is open for editing one can add on or delete anything in the Draft.

  Create Vendor Agreement Online   

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