Description
Regardless of the business you are in, vendors and suppliers play a key role in not only the success of your business, but also your own personal success.
You will gather information related to building vendor relationships that will best benefit your organization, such as knowing what to look for in reviewing agreement terms that protect your employer and mitigate risk. We will review areas that enhance your value to a vendor and how to make vendors and suppliers work for you. You will hear of several reallife examples of problems and success stories in building vendor relationships. There will be examples of winwin solutions where both the customer and the vendor benefit. You will learn to avoid pitfalls that can cause problems for you and your organization and about monitoring vendor performance to enhance the quality of the services they provide your company or agency.
Date: 2022-10-27 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
This Is a Business Relationship
• You Are Representing Your Company or Agency
• Your First Priority Should Be to Look out for the Best Interests of Your Employer
• Your Vendor Will Be Looking out for Their Best Interests
• Avoid Getting Into a Personal Relationship With Your Supplier or Their Representative
Coming to Terms With Your Vendor
• Make Your Vendor Aware of Your Company or Agency Purchasing Terms and Conditions
• Bind Your Agreements With Vendors Using Your Written or Published Terms
• Avoid Using Agreements Drafted by Your Vendor
• Review All Vendor Terms and Conditions of Sale, Warranty, Liability, Indemnification, etc.
Limit the Risk to Your Organization
• Require Insurance of All Appropriate Types
• Require Certifications or Licenses If Required
• Provide for Penalties for Unsatisfactory Performance
• Provide Convenient Exit Clauses for Your Organization
• Do a Vendor Responsibility Check
How to Increase the Quality of Your Business Relationship With Vendors
• Know What Products and Services They Provide
• Offer Them Open and Competitive Solicitations
• Give Them Adequate Time to Respond to Solicitations
• Monitor Their Performance
• Pay Them Timely in Accordance With Your Published Payment Terms
Case Studies
• Vendor Is Doing Work That Puts Your Company at High Liability Risk
• Vendor Is Not Providing Quality Transportation Services
• Long Time Vendor Is Protesting Their Loss of Business
• Monitoring Supply Vendor Leads to More Flexibility to the End User
• Poor Results Are Discovered After the Vendor Has Left the Job Site
ASAP PACE ,IAAP ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Jenefer Duane-Consumer Financial Protection Bureau
