|Vendor Vetting Questions To Think About
If you work with vendors, you already know how hard it is to find the right one. With so many out there available, trying to choose one can be very overwhelming. And the last thing you want is to work with a fraudulent or ill-equipped vendor, which is why you want to make sure you vet them to ensure that they are legit and can do the work requested. You want to make sure you know about the company you’re about to do business with, so here are some vendor-vetting questions think about before you sign a contract with a potential vendor:
- Is the vendor on any watch lists?
Many companies know about the U.S. Patriot Act and those that operate internationally must also be compliant with UK Anti-Bribery Regulations and Foreign Corrupt Practices. So when you’re dealing with new vendors, check all governmental watch lists to see if they’ve had an infractions. Many companies that work with property managers require that current and prospective vendors be screened against watch lists.
- Do they have a compliant W-9 Tax form
When dealing with vendors, make sure that you have them sign a W-9 form so that you can file it with the IRS. Many companies simply file forms and don’t follow through and verify the W-9 is the most current version or correctly completed.
- Is the vendor financially stable?
When hiring vendors, you want to make sure they are financially stable. Many assume that their vendors are financially stable, but in today’s economy, circumstances can easily change and this is only discovered after they fail to perform their duties. This can create huge issues, including delays, payments lost and more.
The best way to really vet a vendor is to do your research on them. And once you find a few that you like, ask for a list of past clients so that you can call and find out from others what they like about their works. This will help you choose a reliable vendor to work with.