Skip to content 
A Source Contract is an agreement established between a buyer and supplier during the sourcing process. It defines the terms and conditions under which goods or services are procured, including pricing, delivery schedules, quality standards, and payment terms. In procurement and supply chain management, source contracts help streamline purchasing processes by providing clarity and setting expectations for both parties. They ensure legal compliance, mitigate risks, and establish long-term supplier relationships. By leveraging source contracts, organizations can drive cost efficiency, improve supplier performance, and maintain consistency, ultimately supporting the broader goals of procurement strategy and business operations.
Related Terms
White Papers
Master the UK Procurement Act 2023: Ensure Compliance & Drive Procurement Excellence
Filter by
Consolidated Invoice
A Consolidated Invoice is a single invoice document that aggregates multiple individual transactions or services provided over a certain period,
Compliance Scorecard
A Compliance Scorecard is a structured tool used within procurement processes to evaluate and ensure that all sourcing activities adhere
Contract Addendum
A contract addendum is a formal document that modifies or adds terms to an existing contract without altering its original
Contract Authoring
Contract Authoring refers to the process of creating, drafting, and preparing contracts for agreement and execution. It involves outlining terms,
Contract Review
Contract Review is the structured analysis and evaluation of contract terms to ensure compliance, mitigate risks, and align with organizational
Bid Response
A Bid Response is a formal reply by a supplier or vendor to a Request for Proposal (RFP) issued by
