In the business world, a vendor is one very familiar entity. A vendor is a general term used to describe someone who sells products or services to another company or individual. There are several types of vendors from manufacturers, suppliers, retailers, wholesalers and there are services and maintenance providers. When you need to acquire the services of the vendor, then you need to have a proper document to ensure that every service provided is carried out accordingly. This document is called a vendor agreement for services or simply a vendor service agreement. An agreement should be used for all types of events or projects, to ensure both parties benefit from the experience. To know more about this type of agreement, let us discuss this further below. And if you need to prepare this service agreement, check out our free vendor agreement for services samples that are available for download on this page.
10+ Vendor Agreement for Services Samples
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What Is a Vendor Agreement for Services?
It is always important that once you need to commission someone else’s service, to put all these into writing. A vendor agreement for services is used whenever a client is in need of a specific service from another entity and in this case from a vendor. The agreement will set the conditions and details in which an exchange of services or goods will take place on a one-time or regular basis. With a vendor agreement, this will help lay out the expectations, for example for event planners, towards having their vendors and to add certain clauses in the agreement related to the event both are to collaborate with. And more importantly, an agreement on hand will serve as a reference should anything go amiss in the future.
How To Create a Vendor Agreement for Services?
Although some would prefer verbal agreement over written ones, you need something of a reference in case disputes and misunderstandings come to light. A written agreement between you and your vendors will help set expectations, obligations, fees, and important details relevant to the services offered by the vendor. At least you have something to refer to in case your vendor fails to fulfill one of the services they promise to offer. Now we have pointed out how important this agreement is let us discuss further how to create a vendor agreement for services. Remember that each vendor agreement will be slightly different from another due to the fact that a client has its own specification or requirements for the services they need. But it should more or less contain the following provisions.
1. Scope of Work / Services
Since we are speaking of services to be offered by the vendor then it is important to describe all these in full detail in the agreement. You should also be able to provide the conditions by which the services are to be delivered. Ensure that everything is covered so in case the vendor is unable to meet what they have promised to do, then you can take further action.
2. Length and Duration
Whether you need your vendors for a one-time event, a project, or for several days or weeks, it is important to write this all down. Including the number of hours the services are needed so you may be able to base the fees or payment charges if applicable.
3. Pricing and Other Charges
Depending on what type of services you have contracted from the vendors, whether they need to be paid hourly or per event/project then make sure to put this into account in the agreement.
4. Payment Terms
If an initial deposit is required prior, make sure to include this in the document. Also, how the remaining amount should be paid and when should it be paid.
5. Termination Policy
Every contract or agreement must have a termination policy as this will express the terms and conditions of how either party is allowed to terminate the agreement. In the event of termination, each party must be able to come to an agreement regarding the damages incurred.
6. Other Important Provisions
There are other important provisions you must be able to include in the agreement such as confidentiality or non-disclosure clause, warranties and claims, insurance, governing laws and most importantly both parties must sign the agreement.
What Is the Difference Between a Vendor and a Supplier?
The difference between both is that a vendor is someone who purchases products from manufacturers, distributors, and wholesalers then directly sells these to the customers. Whereas a supplier is defined as a business or person that makes goods available to another business or service. Suppliers are known as the first link in the supply chain.
What Is a Vendor’s Statement of Work?
When Does a Breach of Contract Occurs?
A breach of contract may have various reasons such as failure to perform any obligation or what has been promised in writing, violating any of the clauses in the contract, and many more.
A vendor agreement for services will help ensure that the business partnership between a vendor and the other party will remain productive and mutually beneficial. To make it easier for you to prepare this type of agreement, don’t forget to download our free templates!
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