Pre-Qualifying Vendors Can Save You Time & Money

Organizations can do themselves a favor by providing the applicable insurance requirements during the bidding process, as it typically removes those parties who can not comply (with the insurance requirements), from even bidding in the first place. Time and energy is often wasted when an organization accepts a bid to later discover that the winning bidder cannot comply with the insurance requirements. Often this puts the organization in a difficult position, especially if the work has already begun. Organizations must often decide either to waive the required insurance or recind the contract.

Waiving the required insurance exposes the organization to greater risk and removing or replacing the party is costly and often results in a halt or a slow down of the work. Whatever decision is made, it may have been avoided by the implementation of an organized pre-qualification system for vendors. Implementing "Best Practices" for pre-qualifying vendors will help minimize risk and develop lasting relations with reputable vendors.


|Home|
|Contact ITS|
|Key Individuals|
|ITS is Risk Management|
|Certificate of Insurance Issuance by ITS|
|Insurance Certificate Tracking & Contract Archiving Services|
|ITSLive Support|