Vendor contracts are formal documents commenced between the vendor or the service provider and the individual or organization in which the products, goods, services and payment terms are agreed by both the parties. Such a contract comes into existence on the occasion of corporate parties, official events and ceremonial meetings formally, whereas wedding, birthday parties and festival celebration dinners can utilize this contact informally.
Types of the vendor contract: events & venues vendor contract, corporate vendor contract and others. A vendor contract works with the SOW form called as a statement of work, which initiates the vendor to start with the working duties and responsibilities. A vendor contract must include:
(a)Contract number and date of acceptance.
(b)Type of the vendor contract.
(c) Contact information of the parties, including name, address and phone number.
(d)Mention the date on which the vendor contract is commencing and terminating.
(e)Services committed by the provider.
(f) Covenant which consists of the total estimated values to be paid to the service provider, responsibilities of the service taker, and other terms and conditions.
(g)Signature of both the parties.
(h)Signature of the witness
The service provider can keep the original vendor contract, whereas the copy of this contract can be kept by the service taker.