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Avert Risk Through Business Partner Due Diligence Posted By: Naman Vohra In a highly competitive business environment, partnership seems to have become the most sought after route to achieve business stability and success. However, an organisation’s plan to enter into a partnership should be backed by knowledge. It is very important to know about the background of the prospective business partner before joining hands as the time two entities get into association the reputation, brand image and goodwill of both the parties have an impact on each other. A small error on either of the sides can cost both the parties. To ward off any such future situations, business partner due diligence has gained prominence in the corporate set up. Business partner due diligence is a process of gathering every crucial information about the prospective partner prior to entering into a contract. Business partner due diligence helps in establishing the authenticity of the prospective business partner. Prior to entering any agreement it becomes highly important to know about the genuineness of the company. It has been seen that many companies project themselves as an authentic body, but later on it has been found that the entity was fake and involved in unscrupulous activities.

Business partner due diligence Opt For Vendor Due Diligence Before Partnering Posted By: Naman Vohra Collaborating with an entity can be very fruitful but at the same time it can carry lot many risks. Partnering with an unknown entity can expose your organisation to various risks, like that of suffering monetary losses, loss of reputation etc. With the possibility of many unknown risks associated with shaking hands with an unknown entity, the importance of vendor due diligence cannot be understated. By conducting business partner due diligence, you can very well weigh the pros and cons attached to joining hands with that particular company. Moreover, it also helps you assess whether the potential business partner is a right strategic fit for your organisation or not. Vendor due diligence helps in establishing the authenticity of a prospective vendor. It will highlight if the vendor really has an existence. Vendor due diligence will verify whether the government registrations presented by the vendor is valid or not, and will save you from empaneling with a fraud vendor. It is imperative to know about the set of customers the prospective vendor has. Vendor due diligence will reveal if the set of customers shown are for real. It is another area which showcases the authenticity of the vendor.

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