Negotiation tactics for successful purchase orders, contractsPosted: April 15, 2011
PassageMaker Sourcing Solutions’ China operations director Mike Bellamy shared practical tips on supplier negotiations and purchase orders as part of China Sourcing Fair’s How to Source From China seminar series being held at the AsiaWorld-Expo in Hong Kong.
Bellamy provided his insights into why acquiring products directly from a factory is better than going through a middleman. He also gave several hints on how to select sourcing agents and trading companies.
He also shared some steps vital in obtaining requests for quotes (RFQ), including research on potential suppliers and shortlisting candidates based on nonprice attributes. In addition, he discussed general negotiation tips for face-to-face meetings at the factory. These covered intellectual property protection, quality control stipulations, price agreements and payment terms.