I am not a lawyer, but the former seems to give you more flexibility and less paperwork.

Hello I am Priyanka.
I would like to share my personal be with you because I have experience in this.
Good answers by other responders. One thing I would add (this is not intended as a complete answer) is that the kind of exclusivity that the parties want to create could, in some situations, breach competition law principles, and therefore “exclusive contracts” have to be drafted carefully.

For example, let’s say a product manufacturer wants a store not to carry any rival products. The courts, depending on the country, might accept this as part of a franchise relationship or a principal/agent relationship but not as part of a supplier/reseller relationship. The law in many countries has a policy of promoting consumer choice and market competition, and will not support arrangements that are restrictive of those things where there is no legitimate basis for the restriction.

For further queries you can consult me.