Operational meetings track how the work is done. At the start of the contract with a vendor more work will needed in this area. This meeting will be and should be the first meeting to be established.
Read the contract and note the operational deliverables in the contract and use these to set your agenda. The list of activities can be discussed with the vendor. If you have a new contract you will probably have a transition in period and a transition in plan.
You will need to invite those in senior management who knows and are responsible for what is happening on the ground. You will also need the people who manage the area within the business – the business subject matter experts and potentially some internal customers.
The operational meeting should be at minimum weekly.
You should have a high level operational meeting report that details the scope of the contract. As you progress through the transition you may need to have a greater level of focus on certain areas that the vendor may be finding more difficult to establish.
Once this is done you will have an operational meeting that you can amend as you progress with the relationship.