Third party vendor agreement is a legal written document in which a third party vendor is either an individual or an organization plays the role of a mediocre in the transactions between the vendor and the vendee. Here the vendor pays to the third party and not to the vendee directly.
Sample third party vendor agreement
Agreement number: – 45/TPV
This agreement is made between
ABF corp. (the third party)
Florida, United States of America
Frint org. (the Vendor)
Dallas, United States of America
Both the parties have agreed to the following terms and conditions:-
Payment will be made in the form of a draft for $10,000 at the end of every month.
Third party insures that the vendor has hold all proper required licenses and is no ways dealing in any illegal work
Insurance is also provided to the vendor
The third party assures to not miss use the payments provided by the vendor.
Any violation in the above mentioned terms shall lead to termination of the agreement and penalty.
If any of the parties wish to end the contract then a written notice shall be given by the party at least 3 months in advance.
Any delays in payments shall lead to automatic termination of the agreement and the defaulter party has to face legal implications.
Hereby, both the parties agree to the terms and hence, the agreement is valid.