This is a three-phase process: Exchanging Information, Bargaining, and The Closing. The process actually first begins internally by gathering required information prior to The Exchange of Information:
- Who will be doing the legal review – internal staff or external legal council?
- Does your company require a Purchase Order (P.O.) to engage the new supplier?
- What info/forms need to be filled out within your organization prior to the first invoice arriving from the supplier?
- Was the purchaser’s or supplier’s Mutual Non-disclosure Agreement be used?