supply-agreements

Vocabulary Word

Definition

A 'supply agreement' is a formal contract between a buyer and a supplier. The supplier promises to sell certain products or services to the buyer, and the buyer pledges to buy them under agreed terms, such as price and delivery date.

Examples in Different Contexts

For a retail chain, supply agreements ensure consistent inventory levels. A retail manager could say, 'Our supply agreements with manufacturers guarantee that we always have popular items in stock.'

Practice Scenarios

Tech

Scenario:

We're upgrading our systems next month. We may need new software licenses to accommodate the changes.

Response:

I'll look into drafting a supply agreement with a software vendor who can accommodate our new requirements.

Creative

Scenario:

We're pushing the boundaries of our designs this season. It's essential to source exceptional materials that reflect our creativity.

Response:

We should establish a reliable supply agreement with a provider who can meet our standards and creative vision.