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Vendor Onboarding Checklist
Vendor Information Collection
Obtain the vendor's legal business name and any DBA (Doing Business As) names
Request the vendor's business address, phone number, and email address
Collect the vendor's tax identification number (TIN) or employer identification number (EIN)
Compliance and Documentation
Ensure the vendor has appropriate licenses for their trade and that they are current
Verify that the vendor has the required insurance coverages, such as general liability and workers' compensation
Collect W-9 forms and any other necessary tax documents
Financial Process Setup
Determine payment terms and methods with the vendor
Set up the vendor in the property management system for invoicing and payments
Confirm the process for submitting invoices and receiving payment
Risk Management and Quality Assurance
Implement a background check process for the vendor's employees
Establish a performance review system to evaluate vendor services
Create a contingency plan for replacing critical vendor services if necessary
Service Level Agreements and Contracts
Negotiate and finalize service level agreements (SLAs) detailing the scope and quality of work
Ensure the contract includes confidentiality and non-disclosure provisions
Review and confirm indemnification and liability clauses in the contract
Communication and Reporting
Establish points of contact for both the property management team and the vendor
Outline reporting requirements, schedules, and formats
Determine a process for handling and resolving disputes
