How to Handle Problematic Third-Party Vendors
Many companies rely heavily on third-party vendors to help meet both contractual obligations and consumer demand. With such business relationships, however, comes the potential for disruptive natural and human-made events risks.
Even the most reliable vendors can suddenly and unexpectedly perform poorly, causing a previously healthy and mutually beneficial relationship to head south. When faced with such a dilemma, what can be done to fix a problematic vendor’s performance? And at what point is the decision made to terminate a relationship with a vendor?