How To Write Vendor Contracts ?
One needs to write a vendor contract carefully, irrespective of the worth and size of the vendor in question. One needs to have access and knowledge to all the possible matters, including unseen or unpredictable points of discussion that were ignored during the verbal agreement.
It is essential to draw up a list of queries and agendas with the respective conclusions before writing the contract. The main points that need to be included in the contract are defining the terms, costs, the services or products that would be included, plan of action in case of the unforeseen situations, dates of delivery and any non-refundable fee that is associated with the contract. Although these are the main points, the main goal of a vendor contract should be able to clearly define what is expected from the contract.
There are many clauses that one would probably want to add, most importantly the ‘severability clause’. This clause makes sure that if a part of the document is invalid or unlawful, the rest of the document would still remain effective. This clause helps in protecting the contract.
While writing the contract, one would want to define to the vendor and the buyer, the dates of starting and expected completion time along with all the costs that would be covered by the contract. This also includes when, how and through whom such payments would be made.
The best thing to do is to get the contract checked by an attorney before handing it over. This ensures the contract is minutely scrutinized for all points that were agreed upon during the discussion when the oral agreement was reached.
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