Best Practices for Vendor Contracts

(from the Source) Vendor contracts can apply to a broad range of operations at independent schools, including transportation, food service, construction, design, facilities management and office supplies. Best-in-class contracts and agreements support financial accountability, strengthen working relationships and mitigate risk. Core elements of solid contracts:

• Parties to the agreement. What organizations are involved?
• Beginning and end dates
• How the contract can be renewed
• Payment terms
• Who is responsible for what
• When the services will be performed
• Who is responsible for a loss
• Indemnification or "hold harmless" clause
• Breach or dispute resolution
• Governing law
• Nondisclosure
• Integration or "entire contract" clause
• Termination provision
• Notice of termination