A vendor agreement also referred to as a vendor contract is a legal document between two parties wherein the exchange of goods and services is established and also incorporates the compensation and fees it entails. It mentions the details of both the parties along with the rights and obligations on both parts. A vendor agreement and a statement of work often go hand in hand and the work begins usually after both the parties have validated the document by signing the original.
Another kind of vendor agreement i.e., vendor contract agreement incorporates all the provisions, terms and conditions and the type of work or services to be provided by the vendor. The agreement can be drafted for multifarious purposes such as:
A standard vendor agreement is a contract between an organization/company and a vendor that specifies the type of services or goods to be provided in exchange for a stipulated amount. It is commonly used for the following events:
A vendor NDA is an agreement between a vendor and a company that is legally binding and asserts that certain information about the work or services provided remains non-disclosed or confidential. The stipulated terms pertaining to non-disclosure may be agreed upon by one or both parties in the agreement.
A vendor non-solicitation agreement is a legal document generally a part of a more extensive and inclusive document that prohibits a former employee from soliciting a previous employer's vendors for another company or organization. It is legally binding either for a specific period of time or demarcates a certain geographical area of operation or both.
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