Businesses and not-for-profits frequently deal with third party vendors to supply goods and services that are not part of their “core business.” After negotiating a deal for those goods or services, organizations are faced with putting those terms in writing in a document known as a vendor agreement.
As the purchaser, your vendor contract sets the conditions by which the vendor operates and includes details such as payment terms. But perhaps most importantly, your third party vendor agreement also needs to include conditions on what course of action can be taken if neither the vendor or the purchaser honors their side of the agreement.
Vendor contracts that have missing key language or unfamiliar terms could result in unwanted consequences. At Halpern & Scrom, our lawyers have experience drafting or reviewing such contracts to ensure the agreed upon terms are accurately reflected. Contact us today – we can create effective and legally binding vendor agreements that will protect your organization from potential liabilities.