OEM stands for Original Equipment manufacturer. An OEM agreement is an agreement which is made between a person who manufactures an equipment and another person or party that supplies materials that are used to manufacture the equipment. Any such agreement is made to define the terms of the sale and purchase of the materials. These agreements are legally binding for the involved parties and they cannot violate the terms and conditions. In case of violation of the terms, the party at fault may have to face legal actions.
An OEM agreement consists of the details of the involved parties such as their names, business addresses, contact numbers, effective date of agreement, termination date of agreement, effective period of agreement and the details of the equipments or materials to be purchased by the manufacturer. The terms and conditions of the OEM agreement are used to describe the role and responsibilities of both the parties.
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