VMA RELEASES SUPPLIER CONTRACT GUIDANCE

The Visual Media Association (VMA) has released a bulletin for members, which it says will enable them to easily understand supply contract issues, with six essential steps.

The key points discussed in the bulletin are to thoroughly review contract terms; clarify deposit and payment terms, deposits and the personal property security register; verify supplier reliability and quality assurance; address intellectual property and confidentiality concerns; and anticipate contingencies and mitigate risks.

Charles Watson, general manager – IR, Policy and Governance, VMA, commented, “For business owners or managers in the industry, one of the most critical decisions they will face is procuring machinery and goods from suppliers. The contents of this bulletin will ease those frustrations and make procurement and negotiations a much easier process, so they can dedicate their time and efforts on other pressing matters.”

VMA says whether you are establishing or expanding your operations, these transactions play a pivotal role in the business’ success. However, it says navigating supply contracts can be intricate, and overlooking crucial details may lead to costly repercussions.

Kellie Northwood, CEO, VMA commented, “The Visual Media Association has always recommended members invest time upfront to negotiate favourable contract terms. Mitigating potential risks can provide long-terms benefits for your business and its longevity.

“I strongly advise members to seek professional guidance when negotiating supply contracts to ensure compliance with applicable laws and regulations, and to effectively safeguard your interests resourcefully. When in doubt, always ask for help, that’s what we are here for.”