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A written document between a business and vendor that lays down the description of goods or services also the rights and obligations of both the sides is known as a Vendor Agreement. A vendor agreement is put in place to safeguard the business from any unanticipated losses, fraud or market unpredictability.
The main aspects in a vendors agreement includes goods and service terms, payment terms, term and termination, Ipr clauses, representation and warranties etc.
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