Cloud Innovates Pte Ltd - Vendor Management Policy

Effective Date: June 6, 2024

1. Introduction

This Vendor Management Policy ("Policy") outlines the principles and procedures Cloud Innovates Pte Ltd ("Cloud Innovates", "we", "us", or "our") uses to evaluate, onboard, manage, and offboard vendors ("Vendor", "you", or "your").

2. Purpose

This Policy establishes a framework for selecting reliable and qualified vendors who align with our business goals, security standards, and ethical practices. It ensures we maintain:

• Efficient and cost-effective operations
• High-quality services and deliverables
• Data security and privacy compliance
• Risk mitigation

3. Vendor Selection

Evaluation: We will evaluate potential vendors based on a pre-defined criteria, including:

• Relevant experience and expertise
• Financial stability and track record
• References and customer testimonials
• Alignment with our security and privacy standards
• Competitive pricing and contract terms

Selection Process: We may utilize a formal Request for Proposal (RFP) process for critical vendor selections.

4. Onboarding

Contract Negotiation: We will negotiate contracts outlining the scope of work, deliverables, timelines, payment terms, confidentiality obligations, and termination clauses.

Risk Assessment: We will assess the potential risks associated with the vendor, including financial, security, and operational risks.

Background Checks: We may conduct background checks on certain vendors as deemed necessary.

Training: We may provide training to vendors regarding our security policies, data handling procedures, and project expectations.

5. Vendor Performance Management

Performance Reviews: We will conduct periodic reviews to assess vendor performance against agreed-upon metrics and deliverables.

Communication: We will maintain open communication channels with vendors to address any issues or concerns promptly.

6. Offboarding

Termination: We reserve the right to terminate a vendor relationship for cause, such as unsatisfactory performance, security breaches, or non-compliance with contractual obligations.

Data Deletion: We will require vendors to securely delete or return all confidential data upon termination.

7. Security and Confidentiality

All vendors must comply with our security policies and procedures to ensure the protection of sensitive information.

Vendors will be required to sign non-disclosure agreements (NDAs) to protect our confidential information.

8. Compliance

Vendors are responsible for complying with all applicable laws and regulations relevant to their services.

9. Continuous Improvement

We will periodically review and update this Policy to reflect changes in our business practices, industry standards, and regulatory landscape.

10. Contact Us

If you have any questions about this Vendor Management Policy, please contact us at legal@cloudinnovates.com