Proactively Managing Vendor Relationships: Setting Expectations, Avoiding Surprises, and Getting Your Stuff Back

Vendor relationships may start optimistically, but can end up decidedly less so, if counsel is not engaged and involved in the right way. With the right due diligence and regular monitoring, your vendor relationships can start and stay more positive (and, if need be, end more easily). This program will benefit attorneys fulfilling multiple roles. For the in-house or outside attorney supporting the business line, performing appropriate due diligence and providing appropriate SLAs can help to align the expectations of the vendor with the customer. For the attorney in contract administration or procurement, inclusion of the right security and liability language can help manage the risk of engaging the vendor with the intended benefit of the vendor's products and services. Finally, for the general counsel, having consistent contract terms across vendors can better enable the GC to manage risk across the organization.

Learning Objectives:

1. Identify the legal and regulatory requirements for vendor assessment and monitoring

2. Assess potential vendors and recognize "red flags" before and during the contracting process

3. Establish and maintain appropriate expectations with respect to the vendor's performance and responsibilities and incorporation of those expectations in the organization's processes

4. Take appropriate measures to protect the organization with respect to contracts, commitments, performance monitoring and contract termination