It’s a good idea to have a Master Service Agreement (MSA) in place when you know you’re going to collaborate with some of your suppliers in the future.
An MSA can work like this:
Let’s say you are responsible for a group of products that come from different suppliers. Some of these suppliers are important to you either because you have a good working relationship with them or because they provide goods that your business needs.
To reduce the risks of disruptions and maintain control over prices in the long term, you can’t just rely on these suppliers without any agreements. This is where the MSA comes in.
When selecting your preferred suppliers, it’s a good idea to negotiate a master services agreement (MSA) with the most important ones at the same time. This way, your team can save time by avoiding individual contract negotiations.
So, if you want to improve your category management strategy or if you’re having difficulties managing your supplier panel, keep the MSA in mind. It could be the solution you need to maintain a good relationship with your preferred suppliers and also to expedite your project launch.
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