Create New Vendor

Below is the information needed to create a new vendor:

1. Vendor Identification and Selection:

   • Vendor Name: The legal name of the vendor.
   • Vendor Contact Information: Contact details including address, phone number, email, and website.
   • Vendor Type: Categorize the vendor based on the products or services they provide.

2. Vendor Due Diligence:

   • Vendor Registration Documentation: Legal documents like registration certificates, tax identification, and business licenses.
   • Financial Information: Financial statements or reports to assess the vendor's financial stability.
   • Vendor References: Past performance and client references, if available.
   • Compliance and Certification: Ensure the vendor complies with relevant industry regulations and standards.
   • Background Checks: Screen the vendor for any legal or ethical issues.

3. Vendor Information Form:

   • Provide the vendor with a vendor information form to gather detailed information. This form should include:
     • Contact Information
     • Payment and Billing Information
     • Banking Details
     • Insurance Information
     • Tax Information

4. Vendor Contract and Agreement:

   • Create a vendor contract or agreement specifying the terms and conditions of the partnership. This should include:
     • Payment terms
     • Delivery terms
     • Quality standards
     • Confidentiality clauses
     • Termination clauses
     • Liability provisions

5. Vendor Performance Evaluation Criteria:

   • Establish criteria for evaluating vendor performance, which may include:
     • Service level agreements (SLAs)
     • Key performance indicators (KPIs)
     • Quality benchmarks

6. Procurement and Purchasing Information:

   • Determine the procurement process and purchasing guidelines for engaging the vendor.
   • Specify any procurement codes, categories, or requisition processes relevant to the vendor.

7. IT and Systems Integration:

   • If applicable, work with the IT department to ensure seamless integration of the vendor into BMS's procurement systems and processes.

8. Legal and Compliance Checks:

   • Ensure that the vendor meets all legal and compliance requirements, such as anti-corruption and anti-bribery laws.

9. Vendor Onboarding Process:

   • Establish an onboarding process for the vendor, including training on BMS's systems and processes.

10. Communication and Relationship Management:

    • Designate a point of contact within BMS for the vendor.
    • Set up regular communication channels for ongoing collaboration and issue resolution.

11. Performance Monitoring and Review:

    • Continuously monitor and review the vendor's performance against the established criteria and make necessary improvements.

12. Risk Management:

    • Develop a risk management strategy to identify and mitigate potential risks associated with the vendor relationship.

13. Payment and Invoicing Procedures:

    • Clearly define how payments will be made and the invoicing procedures the vendor should follow.

14. Data Security and Confidentiality:

    • Ensure that the vendor adheres to data security and confidentiality standards.

15. Vendor Exit Strategy:

    • Create a plan for exiting the vendor relationship if needed, including transition and data handover processes.

16. Legal Review:

    • Have legal counsel review the vendor contract and agreements to ensure compliance with all relevant laws and regulations.