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Preferred Vendor Contract

Preferred Vendor Contract Template for Singapore

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Key Requirements PROMPT example:

Preferred Vendor Contract

"I need a Preferred Vendor Contract under Singapore law for a technology supplier who will be our exclusive provider of cloud services and hardware maintenance, with minimum purchase commitments of $500,000 annually, starting from March 2025."

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What is a Preferred Vendor Contract?

The Preferred Vendor Contract is utilized when organizations seek to establish long-term, strategic relationships with key suppliers in Singapore. This agreement type provides a structured framework for preferential business arrangements, including volume-based pricing, service level commitments, and exclusive supply terms. Under Singapore law, these contracts must comply with local commercial legislation while addressing specific business needs such as quality standards, delivery terms, and performance metrics. The document is particularly valuable for organizations looking to streamline their procurement processes and secure favorable terms with reliable suppliers.

What sections should be included in a Preferred Vendor Contract?

1. Parties: Identifies and defines the contracting parties

2. Background: Sets out the context and purpose of the preferred vendor relationship

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Scope: Details of vendor appointment and services/goods to be provided

5. Pricing and Payment Terms: Pricing structure, payment schedules, and related terms

6. Service Levels: Performance standards and metrics

7. Term and Termination: Duration of agreement and termination provisions

8. Warranties and Representations: Standard warranties regarding capacity and performance

What sections are optional to include in a Preferred Vendor Contract?

1. Volume Commitments: Optional section for when specific minimum purchase obligations are required

2. Exclusivity Provisions: Optional section for when exclusive vendor relationship is intended

3. Technology Requirements: Optional section for when technology integration is part of the relationship

What schedules should be included in a Preferred Vendor Contract?

1. Pricing Schedule: Detailed pricing structure and rates

2. Service Level Agreement: Detailed performance metrics and standards

3. Product Specifications: Detailed specifications of products/services

4. Key Personnel: List of key personnel from both parties

5. Compliance Requirements: Specific regulatory or industry compliance requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Contracts Act (Cap. 53): Primary legislation governing contract formation, validity, terms and conditions, and rights and obligations of contracting parties in Singapore

Sale of Goods Act (Cap. 393): Regulates quality of goods, delivery terms, transfer of title, and warranties/conditions in sales contracts

Supply of Goods Act: Establishes requirements for quality standards, fitness for purpose, and merchantable quality of goods supplied

Competition Act (Cap. 50B): Governs anti-competitive practices, fair competition provisions, and exclusive dealing arrangements

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and prevents unfair practices in commercial transactions

Personal Data Protection Act 2012: Regulates data protection obligations, data transfer requirements, and privacy considerations

Goods and Services Tax Act: Covers GST registration requirements and tax obligations for commercial transactions

Electronic Transactions Act: Governs electronic contracts, digital signatures, and electronic records in commercial transactions

Multi-Currency Trading Regulations: Addresses currency provisions and exchange rate considerations in international commercial contracts

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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