What is the difference between a vendor and independent contractor?
2 Answers. A contractor is a kind of vendor. So if the business involves independent transactions, the seller is just a vendor; if there’s an ongoing relationship described in a contract, they’re a contractor. Vendor may provide a service or product requested by the customer and they submit a request for payment.Click to see full…
2 Answers. A contractor is a kind of vendor. So if the business involves independent transactions, the seller is just a vendor; if there’s an ongoing relationship described in a contract, they’re a contractor. Vendor may provide a service or product requested by the customer and they submit a request for payment.Click to see full answer. In this manner, what is the difference between a vendor and contractor? As nouns the difference between vendor and contractor is that vendor is a person or a company that vends or sells while contractor is a person who executes the building or improving of buildings.Also Know, what makes someone an independent contractor? An independent contractor is a person or entity contracted to perform work for—or provide services to—another entity as a nonemployee. As a result, independent contractors must pay their own Social Security and Medicare taxes. The payer must correctly classify each payee as either an independent contractor or employee. Moreover, what qualifies as a vendor? A vendor is a person or business that supplies goods or services to a company. Another term for vendor is supplier. In many situations a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.Are consultants considered vendors?Consultant. Categorized as a vendor-type relationship. An individual or company retained to provide professional advice or services on a project for a fee. A consultant is considered a “work for hire” thus all intellectual property and copyrightable information is assigned to Washington University.
