Pay Attention to Your Vendor Contracts

A conversation with a dealer in Texas drives home the importance of paying attention to contracts you have with your vendors.

This dealer says she now is instructing her staff to give her all vendor contracts to review. She recently caught a uniform vendor raising prices 8% when the contract clearly stipulates it can only raise prices 3% each year.

On another contract, she found the dealership was being charged $62 a month when the vendor owed it $1,200.

Doesn’t sound like much, but it adds up month after month. So the message here – Pay attention.