Document background
The Vendor Management Agreement serves as a foundational document for organizations operating in India that engage external vendors or service providers. This agreement is essential for establishing clear governance frameworks, performance expectations, and risk management protocols in vendor relationships. It addresses key aspects such as service delivery, quality standards, pricing, compliance with Indian regulations, and dispute resolution mechanisms. The document is particularly crucial given India's complex regulatory environment and the need to ensure compliance with various laws including the Indian Contract Act, GST requirements, and industry-specific regulations. Organizations typically implement this agreement when establishing new vendor relationships or formalizing existing ones, ensuring proper documentation of rights, obligations, and operational parameters.
