The suppliers used by a business vary greatly depending on the type of organization and can include different businesses, such as seafood suppliers, IT suppliers, cleaners, and marketing consultants. Suppliers can also range from individual contractors to large organizations. Vendor Management is a term that describes the processes by which organizations manage their suppliers, also known as suppliers. Supplier management includes activities such as supplier selection, contract negotiation, cost control, supplier risk reduction and guarantee of service delivery. These fixed-term contracts (usually 3 to 5 years) are usually concluded following an open international call for tenders. . . .