Supplier Vendor Agreement Sample

A supplier vendor agreement is a legally binding contract between a supplier and a vendor. It outlines the terms and conditions of the relationship between both parties. The agreement typically covers issues like pricing, delivery terms, warranties, and more. It is essential for both parties to review the agreement thoroughly to ensure that they understand all the terms and conditions.

A well-crafted supplier vendor agreement can help to minimize the risk of disputes, ensure that both parties are held accountable for their obligations, and set out clear expectations for the relationship. It is important to note that each supplier vendor agreement is unique and must be customized to fit the specific needs of both parties. However, there are certain elements that are typically included in most agreements.

1. Definitions: The agreement should define key terms used throughout the document to avoid any confusion or misunderstandings.

2. Scope of Services: It should clearly outline the services provided by the supplier to the vendor, including expected delivery times and deadlines.

3. Payment Terms: The agreement should specify the payment terms, including the frequency of payments, methods of payment and deadlines.

4. Quality Assurance: It should outline the quality standards that the supplier must adhere to, and how the vendor will monitor the quality of the goods or services provided.

5. Warranties: The agreement should detail any warranties provided by the supplier, including the duration of the warranty and what will happen if the goods or services do not meet the agreed-upon standards.

6. Intellectual Property: It should specify who owns the intellectual property rights to any goods or services created or provided during the relationship.

7. Termination: The agreement should outline the circumstances under which either party can terminate the agreement, as well as any penalties or damages that may be incurred.

Here is a sample supplier vendor agreement:

[Company Name] Supplier Vendor Agreement

This Supplier Vendor Agreement (“Agreement”) is entered into on [Date], by and between [Supplier Company], with its principal place of business located at [Address], (“Supplier”) and [Vendor Company], with its principal place of business located at [Address], (“Vendor”).

1. Definitions

The following terms shall have the following meanings throughout this Agreement:

a. “Goods” means products or materials that the Supplier has agreed to sell to the Vendor.

b. “Services” means any services provided by the Supplier as outlined in this Agreement.

c. “Purchase Order” means a document issued by the Vendor that specifies the Goods or Services to be purchased.

2. Scope of Services

The Supplier agrees to provide the Goods and/or Services specified in the Purchase Order(s) issued by the Vendor. The Supplier shall deliver the Goods to the Vendor on or before the delivery date specified in the Purchase Order. The Supplier shall perform the Services in a professional and timely manner.

3. Payment Terms

The Vendor shall pay the Supplier for the Goods and Services provided in accordance with the payment terms specified in the Purchase Order. The Supplier shall invoice the Vendor for the Goods and Services delivered and the Vendor shall pay the invoice within [Number] days of receipt.

4. Quality Assurance

The Supplier shall maintain an effective quality control program to ensure that all Goods and Services meet the specifications outlined in the Purchase Order. In the event that any Goods or Services do not meet the specifications, the Supplier shall re-perform the services or replace the Goods at no cost to the Vendor.

5. Warranties

The Supplier warrants that all Goods and Services provided under this Agreement shall meet all applicable laws and regulations, and shall conform to all specifications outlined in the Purchase Order(s). The Supplier further warrants that all Goods shall be free from defects in material and workmanship for a period of [Number] days from the date of delivery.

6. Intellectual Property

The Supplier agrees that all intellectual property rights developed by the Supplier in the course of providing the Goods and Services shall belong to the Vendor. The Supplier shall execute all documents necessary to effectuate such transfer of ownership.

7. Termination

Either party may terminate this Agreement upon [Number] days written notice to the other party. In the event of termination, the Supplier shall be entitled to payment for all Goods and Services provided up to the date of termination.

In conclusion, a supplier vendor agreement is essential to ensure that both parties understand their obligations and responsibilities. It is important to carefully review and customize the agreement to fit the specific needs of both parties. A well-crafted agreement can help prevent disputes and ensure a smooth, successful business relationship.