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Understanding Your Supplier Agreements Is Critical to Your Business

Posted by Zehra Mahid | Jul 11, 2019 | 0 Comments

By and large the most common type of agreement that all of my small business clients should be using (but far too often either aren't using or aren't reading) is a supplier agreement. Your suppliers are critical to your business. For restaurants, it may be your food and alcohol suppliers. For medical practices, it may be your medical equipment suppliers or lab service providers. For car dealerships, it may be the mechanics working on your cars. Regardless of what type of business you are engaged in, your supplier agreements contain key terms that are critical for you to understand. Important provisions include payment terms (fees, expenses, late charges, invoice process, payment due dates), quantities of goods or types of services, acceptance criteria, (how are the goods or services being evaluated to see if they are satisfactory? what if they aren't?) the term of the agreement (one time buy? renewals?), and the names or position titles of the key point(s) of contact for the buyer and the seller. Many disputes can be avoided through the execution of agreements that make sense for both sides. I never advise my clients to sign boilerplate provisions unless they understand exactly what they are agreeing to. A good deal is not a deal where one side steamrolls the other. A good deal is a deal where both sides feel they were treated fairly and wish to maintain a long-term relationship that is productive and profitable.

About the Author

Zehra Mahid

I am the owner of the Mahid Law Firm, a privacy and cybersecurity law firm. I graduated from the University of Maryland School of Law in 2002. I began my legal career with the American Bar Association in Washington DC. I then went on to spend the majority of my legal career working for Humana I...

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