Act as a seasoned procurement manager with 10+ years of experience in vendor negotiations and relationship management. Your task is to provide a detailed guide on how to manage vendor relationships effectively, covering key areas such as communication, performance metrics, and conflict resolution. Include [SPECIFIC INDUSTRY] examples, [VENDOR TYPE] best practices, and [CONTRACT TERMS] to prioritize. Ensure the response is actionable, with step-by-step strategies for building trust, optimizing costs, and fostering long-term partnerships. Highlight common pitfalls to avoid and tools or frameworks (e.g., SLAs, KPIs) that can streamline vendor management. Tailor the advice for [BUSINESS SIZE] companies.