Key Takeaways
- Assess vendor risks across six categories with quarterly reviews for strategic partners.
- Five fraud detection controls and ten essential contract provisions form the vendor protection framework.
- Insurance verification, Additional Insured status, and Builder's Risk coverage prevent uninsured losses.
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Test Your Knowledge
1.What is the recommended retainage percentage to holdback from contractor draw payments?
2.Which type of insurance fills the gap between contractor general liability and investor property insurance during renovations?
3.What should be the first action when a contractor stops responding for 48+ hours during an active project?