On Demand Webinar
Webinar Details $219
- Webinar Length: 100 Minutes
- Guest Speaker: Kenneth Jones
- Topic: Purchasing
- Credit: CPE 2.0, ATAPU 1.5
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Everyone in procurement or who is engaged with the selection of vendors needs to know how to mitigate risk when dealing with vendors. This program on vendor assessment will guide participants through the process of setting up a vendor responsibility review program. Attendees will be given tools they can use to review vendors on various key risk factors. Besides drafting a vendor questionnaire, they will learn ways to evaluate and confirm the vendor information provided using a vendor assessment verification form. This program will provide guidance in establishing vendors that are responsible and responsive to the needs of the company or organization.
Areas Covered:
- Administering Vendor Assessments
- What Vendor Information to Request
- Establishing Procedures
- Establishing Forms
- Where to find useful Assessment tools
Key Learning Objectives:
- Create a Vendor Assessment Program
- Draft a Vendor Questionnaire
- Draft a Vendor Review Checklist
- Learn how to discover vendor issues
- Learn how to handle issues revealed by the Assessment
- Getting Management buy in of the Assessment Program
- Introduction
- How To Administer Vendor Assessments 00:02:17
- How To Document an Assessment Review 00:22:16
- What To Include In An Assessment Review 00:41:54
- What To Include In An Assessment Review Cont’d 01:08:17
- Customization for Vendor Types 01:10:40
- Verification 01:20:44
- Verification Resources 01:27:52
- Determining if a Vendor is Responsible 01:30:58
- Negative Findings During The Review 01:34:46
- Penalties For Vendors Who Fail A Review 01:36:06
- Communicating The Process 01:37:43
- Questions & Answers 01:38:29
- Presentation Closing 01:39:54
Audit: A formal examination of an organization's or individual's accounts or financial situation
Bankruptcy: is a legal proceeding in which a debtor declares their inability to pay back their creditors.
Bid: A bid is an offer made by an investor, trader, or dealer in an effort to buy an asset or to compete for a contract.
Contract: A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
Debarment: Debarment is the state of being excluded from enjoying certain possessions, rights, privileges, or practices and the act of prevention by legal means. For example, companies can be debarred from contracts due to allegations of fraud, mismanagement, and similar improprieties.
Due Diligence: Due diligence is a process or effort to collect and analyze information before making a decision or conducting a transaction so a party is not held legally liable for any loss or damage. The term applies to many situations but most notably to business transactions.
Federal Debarment: A debarment results in an exclusion from Federal contracting and financial assistance government-wide for a set period of time, usually three years that is effective on the date the debarment decision is finalized. If circumstances warrant, the debarring official may impose a longer period of debarment.
Independent Contractor: An independent contractor is a person or entity contracted to perform work or provide services to another entity as a non-employee. As a result, independent contractors must pay their own Social Security and Medicare taxes. - Investopedia (https://www.investopedia.com/)
Lien: A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A creditor or a legal judgment could establish a lien. A lien serves to guarantee an underlying obligation, such as the repayment of a loan.
Limited Liability Company (LLC): An LLC is a corporate structure where members cannot be held accountable for the company’s debts or liabilities. This can shield business owners from losing their entire life savings if, for example, someone were to sue the company. Can be a single member (much like a sole proprietor) or a multi-member. It shares certain traits of both corporations as well as partnerships or sole proprietorships. It is not a corporation.
Liquidated Damages: Liquidated damages are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach. When damages are not predetermined/assessed in advance, then the amount recoverable is said to be 'at large'.
Non-Profit Organizations (NPO): A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrary with an entity that operates as a business aiming to generate a profit for its owners.
Prevailing Wage: In United States government contracting, a prevailing wage is defined as the hourly wage, usual benefits and overtime, paid to the majority of workers, laborers, and mechanics within a particular area. This is usually the union wage.
Procurement: Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared.
Publicly Traded Partnerships (PTP): A publicly traded partnership (PTP) is a business organization owned by two or more co-owners whose shares are regularly traded on an established securities market. A publicly traded partnership is a type of limited partnership managed by two or more general partners—including individuals, corporations, or other partnerships—and is capitalized by limited partners who provide capital but have no management role in the partnership.
Purchase Order: A legal contract between a buyer and a vendor. It lists the materials or services to be purchased on specified terms and conditions (quantity, price / pricing conditions, delivery date).
Request for Proposal (RFP): A request for proposal (RFP) is a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals.
Sole Proprietor: A business that legally has no separate existence from its owner. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.
Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.
