Your supply chain is integral to the profitability and efficiency of the business. To maintain the integrity of the supply chain, as well as protect the brand name, one key area to focus on is the contractual agreements you have with manufacturers, distributors and retailers. The terms and conditions within these agreements can cover a wide array of matters including pricing, geographic region, required insurances, warehousing capabilities, discounts and incentives. Embedded within these agreements is generally an audit clause that allows either side the right to have an outside firm inspect the books and records to ensure the other party is adhering to the terms and conditions in the executed contract, not one’s interpretation of the contract.
At Withum, our professionals understand these types of agreements and can help you to ensure that your suppliers, distributors and retailers are acting in accordance with each aspect of the arrangement. We will work with you to tailor procedures specific to your agreement that provide transparency in exactly how the terms of your contract are being executed, no matter your position in the supply chain life cycle.
How You Can Benefit from Supply Chain Compliance:
- Dollar savings on product costs, incentive, royalty, and loyalty payments
- Confirmation of your partner’s practices regarding your product sales
- Dissuade bad actors from taking advantage in the marketplace
- Compliance with corporate governance and internal audit mandates
- Protecting your “Brand”
- Obtain a greater understanding of how agreements are being executed
- Retailer Compliance
- Surveillance of Data and Trends
- Artificial Intelligence and Data Mining on Transactions
- Distributor Compliance
- Pricing Increase Validation
- Royalty Payment Services
- Loyalty and Share of Wallet Procedures
- “Most Favored Nations” Pricing Clauses
- Contract Enforcement in Sales Channel
- Consigned Inventory Control
For more information or to discuss your business needs, contact Withum’s Supply Chain Compliance Services Team.