Five frequently asked questions about vendor agreements.
Vendor agreements establish the terms and conditions between a buyer and a seller. Find the answers to five frequently asked questions about these important contracts.
Vendor agreements are an essential part of doing business. They protect the vendor and the customer and ensure everyone is on the same page. Whether you are a vendor that provides goods or services to your clients or you hire vendors for your business, it's vital to have a vendor agreement in place. Let's look at vendor agreements, how you can use them, and how to create one.
5 FAQs about vendor agreements.
What is a vendor agreement?
A vendor agreement is a contract between a vendor and customer that outlines the key terms of the business relationship, including what goods or services the vendor will provide.
How are vendor agreements used?
You can use vendor agreements for one-time transactions or for long-term business relationships. They help to protect both the vendor and the customer by setting clear expectations — and by establishing the consequences that will apply if those expectations aren’t met.
What should you include in a vendor agreement?
At a minimum, the basic information in a vendor agreement should include the names of the parties involved, a description of the goods or services the vendor will provide, the price, and the delivery date. They frequently also include clauses that protect both parties in case something goes wrong.
Why are vendor agreements important?
Vendor agreements are important because they help to protect both the vendor and the customer. Without a signed agreement, there could be misunderstandings. Having this document in place ensures that everyone is on the same page and sets clear expectations. In addition, it establishes the basis for legal recourse if either party breaches this contract.
What should I do if I have questions about vendor agreements?
If your vendor agreement establishes a long-term relationship or if there are large sums of money involved, it’s always a good idea to have an attorney review the agreement before you sign it. Then, if you have questions, the attorney can help find the answers.
If you're a vendor, make sure you protect yourself by having a vendor agreement in place before you start doing business with a customer. And, if you're hiring a vendor, make sure you understand all the terms of the agreement before you sign the contract. Find out more about everything that’s possible with Adobe Acrobat Sign today.