Creating Perfect Vendor Contracts in 2019

Your community is only as great as the vendors that keep it running. From landscaping and irrigation to general maintenance on your shared community centers, hiring the right vendors for your neighborhood is important.

Even though a vendor may have a great reputation, sealing the deal with a solid vendor agreement contract will ensure that your Association’s needs are met and your community will continue to thrive. As spring begins to blossom and summer looms in the distance, now is the perfect time to start solidifying your vendor contracts. Also, keep these tech trends in mind when making big decisions about vendor contracts.

Try out these tips that association management experts trust to ensure a perfect vendor agreement.

Don’t Throw Every Proposal to Your Association Board

No vendor should be hired without the official approval by the Board of Directors. If you’re sifting through several possible vendors, this could become a time-consuming process, so approaching the Board with vendors that could be the potential hires – and filtering out those who do not meet your requirements – is a great idea.

Not only does this save your Board time, but it also gives them the chance to closely review candidates and make a decision based on merit over trying to meet a specific deadline.

Understand the Qualities You Need in a Contractor

When hiring vendors, your community’s best interest should be the priority. Aside from knowing if the contractor will be able to successfully manage their position within your community, there are some specific qualities that you will want to look for prior to even considering a contractor for employment.

The top necessities in a potential vendor should be:

  • Fully licensed
  • Bonded
  • Insured for worker’s compensation and general liability

Keep in mind that your Association management team will be able to help you vet vendors throughout this process.


Ensure They Are Insured!

If you are part of an Association Board, then you already know how important insurance is for your community. Don’t just take a contractor’s word that their insurance is in good standing, ask for the specifics:

  • Ask for a copy of their Certificate of Insurance
  • Check their policy number
  • Match up the insured’s name with the vendor you are hiring
  • Understand liability limits and deductibles

Work with Goodwin & Company to Find Qualified Vendors That Fit Your Community Needs

Goodwin & Company helps Community Associations like yours make the important decisions that impact their neighborhoods. We know that leading a Board is hard work, and that is why we are prepared to take some of the weight off of your shoulders so you and your fellow Board members can effectively lead. Contact us to find out more about our Association management services in your area.