A vendor agreement is a formal contract between a company and a supplier outlining the terms and conditions of the goods or services provided. It includes details such as pricing, delivery schedules, quality standards, and payment terms. Vendor agreements ensure both parties understand their responsibilities, establish clear expectations, and mitigate risks. In procurement, these agreements are essential for maintaining consistent supply, ensuring compliance, and managing relationships with suppliers. A well-structured vendor agreement supports smooth operations, reduces disputes, and helps optimize procurement processes within the broader supply chain, fostering trust and long-term partnerships.
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Maverick Spending
Maverick spending—also referred to as maverick buying, occurs when employees make purchases outside approved procurement processes, policies, or supplier contracts.
Supplier Lifecycle Management (SLM)
Supplier Lifecycle Management (SLM) — also known as Vendor Lifecycle Management — is the end-to-end, strategic management of a supplier
Purchase Requisition Software
Purchase Requisition Software is a digital solution that standardizes, automates, and governs the process of requesting goods and services before
eSourcing Software
eSourcing software is a digital platform that automates, standardizes, and governs the strategic sourcing process — from supplier discovery and
Invoice Approval Software
Invoice Approval Software automates the review, validation, and authorization of supplier invoices before payment. It ensures that every invoice is
Supplier Management System (SMS)
A Supplier Management System (SMS) is an integrated digital platform that centralizes, governs, and optimizes all activities related to suppliers
