Vendor Management is More Than Writing Checks

Del Val is aware of the dangers of hiring contractors and utilizing vendors without taking reasonable precautions to protect the HOA.  Simply stated, vendors can trigger fines, suits, penalties and damage claims unless simple procedures are rigorously followed.

It is standard practice to require W-9’s from HOA vendors to prevent potential fines.  Proof of insurance is also consistently enforced to protect against lawsuits.  Insurance information is entered into our software system and the vendor is notified upon expiration.  Of course, a Board of Directors may waive these insurance requirements.  But our software has built-in safeguards to prevent checks from being issued without double checking for compliance.

Our safeguards from adverse vendor actions include:

• Require Form W-9
• Issue Form 1099
• Obtain insurance certificate
• Proper contact information