Vendor Management

1. What is vendor agreement management?

It is the process of overseeing contracts with vendors, tracking key dates, monitoring performance, and ensuring compliance with agreed-upon terms.

2. Where can I store and access all vendor contracts?

You can store all contracts in the centralized storage section, ensuring easy and secure access for authorized personnel.

3. How can I get reminders for upcoming contract renewals?

The system provides automated reminders for renewal and expiry dates to ensure contracts are managed proactively.

4. What details can I track in vendor agreements?

You can track terms like pricing, service level agreements (SLAs), renewal dates, and compliance requirements.

5. How do I add a new vendor agreement to the system?

Go to the "Vendor Agreements" section, click "Add Agreement," and fill in the relevant contract details.

6. Can I set up version control for contracts?

Yes, you can maintain a version history to track all changes made to vendor agreements.

7. What is the purpose of version control in contract management?

Version control helps to track amendments and ensures there is a history of all contract changes.

8. How can I monitor vendor performance?

Use the "Performance Monitoring" feature to evaluate if vendors meet their contractual obligations.

9. How do I report a concern about a vendor?

Click the "Report Concern" button in the vendor's profile or from the vendor listing table.

10. Can I download vendor agreement details?

Yes, you can export vendor agreement information as a CSV file for easy reporting.

11. How can I compare terms across different vendor agreements?

Use the comparison tool to evaluate terms like pricing and SLAs across multiple contracts.

12. What should I do if a vendor fails to meet their SLA?

Document the incident in the vendor's profile and review contract terms for the next steps, such as penalties.

13. How do I handle contract amendments?

Add amendments in the system and ensure version control is updated to keep track of changes.

14. What metrics are tracked for vendor performance?

Metrics such as service reliability, response times, and adherence to contract terms are monitored.

15. How do I restrict access to vendor agreements?

Access permissions can be set in the user management settings to ensure only authorized personnel have access.

16. What happens if a contract expires without renewal?

The system alerts you before expiry, but if not renewed, the contract may default based on vendor policies.

17. Can I categorize vendors by industry?

Yes, vendors can be tagged and categorized by industry for easier management and reporting.

18. How do I ensure vendor compliance with regulations?

Monitor compliance requirements within the contract terms and set reminders for regular audits.

19. Can I assign a vendor agreement to a specific department?

Yes, agreements can be linked to departments like IT, Finance, or HR for better organizational alignment.

20. How do I know which vendors have high access risks?

Check the "Access Risk" indicator in the vendor profile or insights report.

21. What are high-risk vendors?

Vendors are labeled high-risk if they handle sensitive data or if there are compliance concerns.

22. How do I analyze vendor spending?

Go to the "Spends" section to view monthly and yearly spending trends per vendor.

23. How do I terminate a vendor contract?

Review the termination terms in the contract, document the termination, and notify the vendor.

24. How do I track vendor payment terms?

Payment terms can be entered in the contract details and reminders set for due dates.

25. Can I attach supporting documents to vendor profiles?

Yes, you can upload and attach documents such as compliance certifications or insurance policies.

26. How do I add a contract owner?

Assign a contract owner by selecting a user from the dropdown in the vendor agreement form.

27. What insights are available for vendor contracts?

You can view insights like contract value, renewal timelines, and vendor performance metrics.

28. Can I track software licenses linked to vendor agreements?

Yes, license details can be linked and managed within the vendor profile.

29. How are vendors rated for risk?

Vendors are assessed based on criteria like data sensitivity, compliance, and performance history.

30. How do I handle a dispute with a vendor?

Document the issue, refer to the contract terms, and escalate the matter through the appropriate channels.