1. Vendor name
It is important to know the exact name of the vendor, so that it can be searched for in databases and other sources for credit or background check purposes. This will give the buyer an idea about how reliable the vendor is, and whether their products/services meet the standards expected by the buyer.
2. Company location
The buyer should be aware of the vendor's physical location in order to avoid any kind of scams or frauds. Knowing the exact location will help ensure that the product/service is delivered on time and as expected by the customer
3. Years in business
This shows how experienced the vendor is in providing the services/products, and if they have been in business for a long time, then it shows that they are established and offer reliable services.
4. Size of company/number of employees
This indicates the resources available to the vendor for providing products or services. This also helps you understand how quickly your orders might be fulfilled and whether there is enough manpower to complete them promptly.
5. Products and services offered
It is important to know what type of products or services the vendor offers as this will help you decide if their products are suitable for your needs. The buyer should also check if these products meet industry standards, safety requirements, and quality assurance levels
6. References (name and contact information)
Having references is important as it gives you a feel of how the vendor has been doing in terms of providing services or products. You can contact the references to get an idea about the quality, cost, and customer service of the vendor
7. Samples of product or service offered (if applicable)
This enables buyers to check the quality and reliability of the product/service before actually buying them. The samples should meet all safety requirements and industry standards for approval
8. Price quotes for products or services (if applicable)
Knowing the rates at which a vendor offers its products/services helps buyers plan their budget accordingly, as well as compare different vendors on an economical basis. This also allows buyers to make sure that they are not paying more than the market rate for the products/services
9. Terms and conditions of sale (if applicable)
This will provide buyers with an idea about how payments should be made, what kind of guarantees and warranties are offered, as well as any other terms related to sales. This helps in avoiding misunderstandings later on between buyer and seller
10. Delivery and payment terms
It is important to know when the product/service will be delivered, as well as when payment is due. Knowing this information helps buyers stay organized and plan accordingly without any delays or issues with receiving or making payments
11. Quality control measures
Buyers should know what quality control measures the vendor has in place to ensure that their products or services meet industry standards. This helps buyers make sure they are getting a reliable and quality product/service
12. Warranty or guarantee information (if applicable)
This informs buyers about what type of guarantees and warranties are offered by the vendor so they can be assured that their purchases are protected if something goes wrong
13. Credit limit and payment history
Buyers should check the credit limit and payment history of the vendor before entering into an agreement with them, as this will give them an idea about how reliable and trustworthy the vendor is. It also helps buyers know how much leeway they have with making payments on time, which might help avoid any potential financial issues in the future
14. Other services offered such as training, installation, etc. (if applicable)
It is important for buyers to know what other services the vendor offers as this may be useful for them in the long run. Knowing about any additional services offered by the vendor can help buyers get more out of their business with them
For example, if a vendor offers installation services, then buyers will not have to hire external service providers and save money in the process. Similarly, training services may help buyers make the most out of their investment in products/services from that particular vendor.
15. Vendor’s risk management policies and procedures
Risk management is important in any business relationship, and it should be made clear what the vendor's risk management policies and procedures are. This will help buyers identify if there is any potential risk that might arise from dealing with the vendor. It also helps them assess how the vendor plans to handle any issue that may arise due to their products/services. Knowing this information can help buyers make an informed decision about whether or not they should enter into a business relationship with the particular vendor