Vendor Management Policy

1. Introduction

DAPL (formerly known as Digital Aptech Pvt Ltd) engages with vendors and suppliers to support our business operations and deliver services to our clients effectively. This Vendor Management Policy establishes guidelines and procedures for the selection, evaluation, contracting, and oversight of vendors to ensure quality, reliability, and compliance with company standards and regulatory requirements.

2. Objectives

2.1 Vendor Selection: To select vendors based on criteria such as quality, reliability, pricing, and alignment with DAPL’s values and objectives.

2.2 Contracting: To establish clear contractual agreements that outline expectations, deliverables, pricing, terms, and conditions.

2.3 Performance Monitoring: To monitor vendor performance to ensure compliance with contractual obligations, quality standards, and service level agreements (SLAs).

2.4 Risk Management: To identify and mitigate risks associated with vendor relationships, including cybersecurity risks, data privacy concerns, and operational disruptions.

3. Vendor Selection and Evaluation

3.1 Criteria: Vendors will be selected based on criteria including quality, reliability, pricing, service capabilities, technical expertise, and compliance with regulatory requirements.

3.2 Evaluation Process: The vendor selection process will include conducting due diligence, reviewing references, assessing financial stability, and evaluating their ability to meet DAPL’s requirements.

4. Contracting and Agreements

4.1 Contract Development: Contracts with vendors will clearly define roles and responsibilities, scope of work, deliverables, pricing, payment terms, performance metrics, termination clauses, and dispute resolution procedures.

4.2 Legal Review: Contracts will undergo legal review to ensure compliance with applicable laws, regulations, and DAPL’s policies.

5. Performance Monitoring and Management

5.1 SLAs and KPIs: Vendor performance will be monitored against established service level agreements (SLAs) and key performance indicators (KPIs) to ensure quality and timely delivery of goods and services.

5.2 Regular Reviews: Periodic reviews and evaluations will be conducted to assess vendor performance, address issues, and identify opportunities for improvement.

6. Risk Management

6.1 Risk Assessment: Risks associated with vendor relationships, including operational, financial, reputational, and compliance risks, will be assessed and managed proactively.

6.2 Security and Compliance: Vendors must adhere to DAPL’s information security policies, data protection requirements, and regulatory compliance standards.

7. Vendor Relationships

7.1 Communication: Open and transparent communication channels will be maintained with vendors to facilitate collaboration, address concerns, and resolve issues promptly.

7.2 Conflict of Interest: DAPL employees involved in vendor management must avoid conflicts of interest and act impartially in all dealings with vendors.

8. Compliance

8.1 Policy Adherence: Compliance with this Vendor Management Policy is mandatory for all employees involved in vendor selection, contracting, and management.

9. Training and Awareness

9.1 Training: Employees involved in vendor management will receive training on this policy, vendor due diligence, contract negotiation, and vendor relationship management.