Vendor management is selecting, contracting, monitoring and reviewing outside suppliers so they deliver what was agreed at acceptable cost and risk. For technology buyers it spans staffing providers, development partners, and cloud and software vendors.
A service level agreement (SLA) is a provider's contractual commitment to meet measurable standards such as availability or response time. It also sets the remedies that apply when those standards are missed.
A contingent workforce is the people who work for an organisation without being its permanent employees. It includes contractors, freelancers, consultants, temporary staff and workers supplied by agencies or service providers.
Managed services is an engagement where an outside provider runs a system or function, such as cloud infrastructure or support, against agreed service levels. The client buys an ongoing outcome rather than paying for individual people or hours.
A master services agreement (MSA) is a framework contract setting the general legal and commercial terms between a client and a provider. Individual projects are then added through shorter statements of work.
A rate card is a provider's list of agreed prices by role, seniority level or service, used to quote and bill work under a contract. In technology staffing it usually sets hourly, daily or monthly rates for each engineer profile.
SOC 2 is an independent audit report on how a service organisation controls security and related risks, based on the AICPA Trust Services Criteria. Business customers often request it from software vendors.
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