Vendor Management
/ˈvɛn.dər ˈmæn.ɪdʒ.mənt/
Definitions
- (n.) The process by which a business or legal entity oversees and governs relationships with suppliers to ensure compliance, performance, and risk management in contractual agreements.
Effective vendor management is crucial for mitigating legal risks associated with third-party contracts.
Forms
- vendor management
Related terms
See also
Commentary
In legal contexts, vendor management focuses on safeguarding contractual obligations, ensuring regulatory compliance, and mitigating risks related to third-party vendors.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.