Vendor information management (also known as supplier information management) is the practice of requesting, receiving, verifying, approving and maintaining the information required of a vendor (supplier) to do business with an organization. To order, receive and pay for products or services from a vendor, an organization must have specific information about that vendor. The organization must verify the vendor as a legitimate business concern and collect and verify specific information about the vendor. The required information includes not only such basics as legal name, address and contact but also correct payment details and other information for compliance with tax and regulatory issues, including sanction status and additional particular vendor classifications, licenses or statuses. Vendor information management, then, involves confirmations of the vendor and its information and the maintenance of that information as it changes over time to facilitate commerce with that vendor.