A Vendor Agreement is an agreement stipulating the conditions under which the work is to be performed by the vendor. It is a comprehensive agreement covering various aspects such as the quality of goods supplied or service provided, duration of the contract, terms and mode of payment. Such an agreement would be useful to those hosting a large event (a trade exhibition, for example) where several vendors will be selling their wares.
A well-drafted Vendor Agreement will minimise risk of future litigation, as the rights and duties of both parties are clearly laid down in the agreement.The agreement can be made to specify exactly how the vendor is to work. On the other hand, the vendor may have it specify the space to be allotted, any amenities available to him and the mode of payment.
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