VENDOR MANAGEMENT POLICY

OVERVIEW

This Vendor Management Policy (hereinafter referred to as” Policy”) is effective from [INSERT DATE ON WHICH THE AGREEMENT COMES INTO FORCE] and applies to all the Vendors and Service Providers who provide goods and services to the Company. This policy outlines the clear standards and practices to be followed by every Vendor providing goods to the company, to ensure consistent and high-quality service. By upholding these values we can collectively contribute to the success of our company and maintain the trust and confidence of our customers.

1. PURPOSE

1.1 The Purpose of this Policy is to establish clear guidelines and procedures for the selection and management of vendor relationship with the Company. Effective vendor relationship is essential and crucial for ensuring quality services, reliability, and compliance with Company’s standards and Regulatory requirements.

1. SCOPE

2.1 This policy applies to all vendors and service providers who provide goods and product services to the Company. The Company is responsible for ensuring that all vendors and suppliers adhere to this policy.

1. VENDOR SELECTION
   1. The Company will select vendors based on the predefined criteria, which may include quality of products, pricing and financial stability of the vendors. Company will be responsible for assessing and approving new vendors.
   2. All Vendor relationships will be governed by contractual agreements. All such contracts will be reviewed by the Company.
   3. Mitigation plans will be put in place to address any identified risks.
2. VENDOR PERFORMANCE EVALUATION
   1. Vendor’s performance will be regularly evaluated by the Company, to ensure they meet established Company’s standards and requirements.
   2. Non-Compliance with this policy or non-performance will be addressed with corrective actions, up to and including contract termination if required.
3. RELATIONSHIP MANAGEMENT
   1. Positive vendor relationships are essential; regular communication, issue resolution, and feedback mechanisms will be established.
   2. Open and transparent communication is encouraged to foster collaboration and mutual benefit.
4. COMPLIANCE
   1. Compliance with this policy and applicable laws should be regularly monitored and audited to identify and address any potential gaps or non-compliance.
   2. Any identified breaches or non-compliance should be promptly investigated and appropriate corrective actions should be taken.
5. CHANGES TO THE POLICY
   1. We reserve to right to update and make changes to this policy from time to time based on the working conditions of the Company. The Company on updating this policy will inform the members of the Company.
6. FURTHER INFORMATION
   1. For any queries or further Information regarding our Company or about this Policy, the concerned person can contact us through email[INSERT EMAIL ADDRESS OF THE COMPANY]
7. ACKNOWLEGEMENT
   1. We expect all vendors to adhere to this policy of the Company. The Company will apply this policy consistently and fairly to ensure a harmonious and productive workplace for all.
   2. By signing below, you acknowledge that you have carefully read and understood the terms and contents of this policy.
   3. You acknowledge that you will follow the set guidelines of this policy as well as of the Company and failure to do so, the Company can take Disciplinary action against such person.

COMPANY                    

[INSERT NAME OF THE COMPANY]

Authorized Signature