Suppliers and vendors are among the lifelines of any small business, providing the goods and services that keep operations moving smoothly. For every one of these crucial relationships, you must have a proper agreement with a well-written contract that will protect both parties. Whether you’re working with manufacturers, retailers, or service providers, your vendor contracts should clearly outline your expectations and the terms of the agreement. Here’s what every small business owner should know about navigating vendor and supply contracts. SCOPE Your vendor or supply contracts should address the scope of the agreement, laying out the products or services that will be provided and delivered. Make sure to define what each party expects so there are no questions or misunderstandings. You can add a “change order” provision that allows the scope to expand due to unanticipated circumstances. It should also clearly state a timeline for payments, deliveries of services and goods, and when the contract will end. PRICE AND PAYMENT The contract should also explain the financial obligations, such as how much the services or goods will cost and how the vendor will be paid. There are a few options for payments, including fixed-price contracts — which pay one price for products regardless of circumstances like delays — or options that factor in the time and the cost of goods. TERMINATION AND CONSEQUENCES It’s also important to include how a vendor or service agreement will end. By including a termination clause, you will give clear steps on how and when a party can end this business relationship early. Clarify what consequences would occur if the terms of the agreement are not met and how both parties can handle disagreements. Without clear explanations of termination terms, you may face challenges in the future, like cancellation fees or even lawsuits. Strong vendor relationships start with a firm contract clearly explaining the plans and expectations moving forward. If the vendors supply their own contracts, take the time to review the contracts, ask clarifying questions, or suggest proposed revisions. If you supply the contract, make sure all material terms are covered. Taking time to craft or review these agreements now will save you headaches in the future. Ready to take your business to new heights? Contact Douglass & Runger today for counsel on the laws, rules, and regulations that can impact your business. Vendor Relationships Done Right How to Nail Your Supplier Agreements
Inspired by GimmeSomeOven.com
Citrus Olive Oil Cake
Ingredients • • 3/4 cup sugar • 2/3 cup medium- grind cornmeal • 1 1/2 tsp baking powder • 1/2 tsp sea salt • 3 eggs • 1 cup almond flour 3/4 cup extra-virgin olive oil
•
1 tsp vanilla extract
• 1/2 tsp almond extract • Zest of 1 lemon, plus 2 tbsp juice • Zest of 1 orange, plus 2 tbsp juice • Powdered sugar, optional
Directions 1. Heat oven to 350 F. Line the bottom of a 9-inch springform pan with parchment and lightly grease the sides with cooking spray. 2. In a large mixing bowl, whisk almond flour, sugar, cornmeal, baking powder, and salt until combined. 3. In another bowl, whisk eggs, olive oil, vanilla, almond extract, and lemon and orange zest and juice. Combine the wet ingredients with dry ingredients. 4. Pour batter into the springform pan. Bake for 35–40 minutes or until a toothpick inserted in the center comes out clean. Let cool for 15 minutes. 5. Run a knife gently around the edges of the cake, then remove the sides of the pan. If desired, dust cake with powdered sugar using a fine-mesh strainer. INSPIRATION “Our survival instinct is our greatest source
of inspiration.” —Interstellar
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