Udemy

Platform

English

Language

Strategy

Category

Contracting agreements protect companies & deliver results

Risks and uncertainty cause business failure so you need contractual agreements that protect your supply chains

Students

1.5 hours

Content

Jun 2021

Last Update
FREE
Regular Price

EXCLUSIVE OFFER
Exclusive  Offer
Unlimited access to 30 000 Premium SkillShare courses
30-DAY FREE TRIAL

What you will learn

Draft legal contracts and agreements with suppliers that mange the service and bring success in a business


Description

Supplier Contract Overview

A supplier contract is a legal agreement between a business and a supplier to establish the delivery of a set of products or services. Such agreements are used as a means by which to measure the performance of the supplier. In addition to itemizing the materials to be supplied, the supply contract will establish the responsibilities, timeframes, payment, and pricing for the deal.

If properly executed, the supplier contract will help you derive the most value from the supplier relationship. Also, by requiring one, you will compel your external suppliers to take their relationship with you more seriously. It will also make managing your suppliers easier. For these reasons, this contract should be used any time that purchasing from suppliers is necessary.

Tips for Successfully Managing Supplier Contracts

You will likely have to manage multiple supplier contracts at once for your business. Not having a good system for doing so can lead to much frustration for both you and your suppliers, as well as the potential for decreased efficiency and increased project costs. The following tips can help you avoid this:

  • Begin each buyer/supplier relationship by clearly establishing who is managing the deal and who will be the primary contact person.

  • If you are running a moderate- to large-sized business, creating a small team to handle supplier contracts may be helpful.

  • Use a formal screening process to choose your suppliers. A standardized system will reduce human error ad ensure vendors are chosen fairly.

  • Keep supplier contracts in a shared database for easy access by managers or other concerned individuals. Contract management software may help you do this.

Having a good relationship with suppliers can also help with contract management. Treating the relationship as a true partnership can help you effectively manage costs and maintain project schedules and quality standards, since the suppliers may be more willing to go the extra mile for you. Maintaining a healthy supplier relationship can be achieved in part by:

  • Maintaining open lines of communication.

  • Using contract review to evaluate performance or solve problems should they arise.

  • Identifying and acting upon opportunities to develop new goals together.

  • Treating the supplier fairly and avoiding duplicitous behaviour.


Screenshots

Contracting agreements protect companies & deliver results
Contracting agreements protect companies & deliver results
Contracting agreements protect companies & deliver results
Contracting agreements protect companies & deliver results

Content

Introduction

Introduction

This Contract Manager interview highlights a need for fit for purpose contracts

This Contract Manager interview highlights a need for fit for purpose contracts

Author & expert Peter Sammons explains why contract mgt is a core competence

Peter Sammons presents Contract Management in part 1 of our training course


3937888

Udemy ID

3/25/2021

Course created date

3/31/2021

Course Indexed date
Bot
Course Submitted by

Twitter
Telegram