1. Introduction

New Erra Entertainment Presents Ltd is a premier entertainment company dedicated to producing and promoting world-class events that celebrate African culture and foster connections through the power of entertainment.

2. Purpose

This policy establishes the framework for selecting, managing, and monitoring suppliers and vendors to ensure that all goods and services procured meet our quality standards, ethical principles, and legal obligations.

3. Scope

This policy applies to all employees, contractors, and departments involved in the procurement process and to all suppliers and vendors engaged by New Erra Entertainment Presents Ltd.

4. Supplier and Vendor Selection

When selecting suppliers and vendors, the company will:

• Assessment Criteria:

• Evaluate the supplier’s ability to deliver goods or services that meet our quality and performance standards.

• Assess financial stability and operational capacity.

• Review compliance with relevant legal and regulatory requirements.

• Consider alignment with our ethical values, including diversity, equality, and environmental responsibility.

• Due Diligence:

• Conduct background checks and reference verifications.

• Require disclosure of any potential conflicts of interest.

5. Supplier and Vendor Management

To maintain effective relationships, the company will:

• Contracts:

• Establish clear agreements outlining the terms and conditions, including deliverables, timelines, pricing, and confidentiality clauses.

• Performance Monitoring:

• Regularly assess supplier performance against agreed-upon metrics.

• Address any issues promptly and work collaboratively to implement corrective actions.

• Communication:

• Maintain open and transparent communication channels.

• Provide feedback and opportunities for improvement.

6. Compliance and Ethical Standards

Suppliers and vendors are expected to:

• Legal Compliance:

• Adhere to all applicable laws and regulations, including labor laws, health and safety standards, and environmental regulations.

• Ethical Conduct:

• Uphold high ethical standards, including anti-corruption and anti-bribery practices.

• Respect human rights and ensure fair labor practices.

• Sustainability:

• Implement environmentally responsible practices.

• Strive for sustainability in their operations and supply chains.

7. Risk Management

To mitigate risks associated with suppliers and vendors, the company will:

• Risk Assessment:

• Identify and evaluate potential risks related to supplier reliability, quality issues, and compliance breaches.

• Contingency Planning:

• Develop plans to address potential disruptions in the supply chain.

• Maintain a list of alternative suppliers for critical goods and services.

8. Termination of Relationships

The company reserves the right to terminate relationships with suppliers or vendors who:

• Fail to meet performance or quality standards.

• Breach contractual obligations.

• Engage in unethical or illegal activities.

9. Policy Review

This policy will be reviewed annually or when significant changes occur to ensure its effectiveness and alignment with best practices and legal requirements.

10. Approval

This Supplier and Vendor Policy is approved and endorsed by the Managing Director of New Erra Entertainment Presents Ltd.

Signed:

[Managing Director’s Name]

Managing Director

Date: [Date]