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Just like any other general contract a vendor agreement is made between the vendor and its customer or client. The agreement contains conditions that the vendor should satisfy in performing a transaction. It also includes all details regarding goods and services offered by the vendor. In this article we shall have a look at the Vendor agreement format.
Table of Contents
This agreement is made to provide clarity in conditions that are to be followed by parties and ensure the quality of goods and services.
Vendor Agreement Format
THIS AGREEMENT (the “Agreement”) is made and entered on __________ [Insert date] between ________ [Insert Company Name] having its registered office at __________ (hereinafter referred to as the BUYER), which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the ONE PART and _____________ [Insert name & address of the supplier] (hereinafter referred to as the Supplier) which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the OTHER PART.
WHEREAS the Supplier is a manufacturer of _______________ (Details of business).
WHEREAS the buyer is a company and has approached the Seller asking him to sell the goods at the rate of ______.
THE PARTIES HERETO agree to abide as under:
It is for new vendors. This agreement ensures that the vendors are informed about the different terms according to which they are required to work while going along with your business. Some of the essential details included in this agreement are time, date and location.
The following are the advantages of Vendor agreement:
In case of any deficiency in goods or services, the customer can sue the vendor in light of the properly drafted Vendor agreement format.
The clients builds more faith in goods or services provided, thereby improving reliability and responsiveness.
A proper Vendor agreement format describes all conditions that parties are required to follow.
This agreement serves as an evidence. Therefore the Vendor agreement format should contain all essential requirements.
For preparing a Vendor agreement format, both parties are required to draft the agreement and add all required clauses. When the draft is finalised, verify it with the signatures of both parties to the agreement.
Read our article: Sample Format of Share Purchase Agreement
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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