The VMO is a dedicated department that is responsible for managing vendor relationships, contracts, and performance. It acts as the central point of contact for all vendor-related activities and ensures that all vendors are managed effectively and efficiently.
A vendor contract (otherwise known as a vendor agreement) is a business contract between two parties covering the exchange of goods or services in return for compensation. Vendor contracts establish the business relationship conditions and include details on each party's obligations under the contract.
A vendor agreement is a legal document that stipulates the provisions regarding the work performed by the vendor. It is a contract that specifies the conditions regarding the performance of certain work. Vendor Agreements can be made for many purposes like office supplies, consultants, technology, services.
A vendor form is a standardized registration form that companies use to collect essential information from current or potential vendors. A vendor application form can serve as the initial step in the vendor selection process.