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Vendor Management Policy

Overview

The purpose of this policy is to establish guidelines and procedures for managing vendors that provide goods and services to our organization. This policy applies to all employees who work with vendors on behalf of the organization.

Vendor Selection:

All vendors must be approved by the appropriate department head.

The vendor selection process should include a review of the vendor's reputation, experience, financial stability, and compliance with applicable laws and regulations.

Whenever possible, the organization should seek to work with vendors who share our commitment to social responsibility and sustainability.

Contract Management:

All contracts with vendors must be reviewed and approved by the appropriate department head and legal counsel.

Contracts should clearly outline the goods or services being provided, pricing, payment terms, delivery dates, and any warranties or guarantees.

Contracts should also include provisions for confidentiality, intellectual property rights, and dispute resolution.

Vendor Performance:

The organization should monitor vendor performance to ensure that goods and services are delivered on time, meet quality standards, and are provided in accordance with the terms of the contract.

Any issues with vendor performance should be promptly addressed and documented.

Vendors who consistently fail to meet performance standards may be subject to termination of their contract.

Record Keeping:

All vendor contracts and related documentation should be retained in accordance with the organization's record retention policy.

The organization should maintain a vendor master file that includes information on all approved vendors, such as contact information, contract terms, and performance history.

By adhering to this policy, the organization can ensure that it is working with reputable vendors who provide high-quality goods and services, while also mitigating risks associated with vendor relationships.

Revision History

Date of Change

Policy

Notes

7/7/2023

Vendor Management Policy

Policy created

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Vendor Management Policy 1.1

By clicking this button I acknowledge that I have read the above policy and agree to comply with the policy

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Vendor Management Policy

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