Document background
This Vendor Procurement Agreement template is designed for use under Hong Kong law when establishing a formal procurement relationship with suppliers of goods or services. It is particularly suitable for businesses requiring a structured framework for regular procurement activities, whether for physical goods, services, or a combination of both. The agreement comprehensively addresses key commercial and legal aspects of the procurement relationship, including ordering mechanisms, quality standards, delivery requirements, payment terms, and risk allocation. It incorporates relevant Hong Kong legal requirements and commercial practices, making it suitable for both domestic and international procurement relationships where Hong Kong law governs. The document is typically used by organizations seeking to standardize their procurement processes, ensure compliance with internal policies and local regulations, and maintain consistent terms across their vendor relationships.
