How do you modify vendor contracts?
Vendor contracts are essential for managing the relationship and performance of your suppliers, but they are not set in stone. Sometimes, you may need to modify them to reflect changing business needs, market conditions, or vendor performance. However, modifying vendor contracts can be challenging, as you need to balance your interests with the vendor's, and follow the proper legal and contractual procedures. In this article, we will discuss how you can modify vendor contracts effectively, and what to consider before, during, and after the process.