We understand the written agreements are a vital part of business- to- business relations. We have found that with turnover in organizations and some filing practices that these agreements are not always readily available. Without copies of the agreements on file, organizations cannot ensure they are operating within the terms and pricing on that arrangement.
VendorTraQ’s service locates and manages vendor agreements in a secure on line database. Our primary goal is to help our clients organize their agreements in one central location. We also help manage and notify our clients when an agreement is coming due for renewal. We appreciate that the vendors work with us to support our mutual client during the verification process.
Our vendor verification and agreement location process is as follows:
- We receive a “letter of authorization” signed by the client to authorize us to communicate with the vendors on their behalf. We then reach out to the vendor to verify specific details and obtain a copy of the current agreement on file.
- We use the “vendor verification” form to validate key details on the agreements. This may include start dates, end dates, contract duration, and contact information. We have found that dates listed on the agreement may not be consistent with the actual start and expiration dates in the vendor’s database.
- Sometimes we find that there are no written agreements on file, however there are service arrangements that are documented so that both parties have a record of their verbal agreement.
- We then enter the agreement in our database and upload a copy of the agreement so the client can have access to their information 24/7.
- We also set up e-mail notifications to let them know when their agreement with the vendor is coming up for renewal. These notifications usually go out between 90-60-30 days prior to expiration or renewal.
- Vendor verifications and the information provided will go into the clients file with appropriate agreement.
Vendor Verifications and all supporting documentation can be e-mailed back in a pdf format or faxed to our office on the number listed on the form.