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