There are UNWRITTEN WAYS OR INFORMAL PRACTICES that project Owners don’t rely on to assess their Contractor’s suitability. While these methods may not be explicitly documented, they can provide valuable insights into a contractor’s reliability and competence. The common ways to vet a contractor include word-of-mouth recommendations, site visits and observation, viewing online reviews, etc..
HERE are the UNWRITTEN, EFFECTIVE, BUT NOT USUALLY BEING DONE ways:
1. Request for bank records (Bank passbook copy showing transactions for at least one year): This information is crucial because a financially unstable contractor may face difficulties in managing project funds, paying subcontractors and suppliers on time, or completing the project within the agreed timeline.
Reviewing bank transactions can also help you assess how promptly the contractor pays their vendors, subcontractors, and workers.
2. Meet the immediate family: Meeting the contractor’s immediate family can provide insights into their personal character and values. Understanding their family dynamics, values, and work ethics can help you gauge the contractor’s level of professionalism, responsibility, and dedication to their work.
Engaging with the contractor’s family members can give you an idea of their stability and support system.
3. Gather information from trade suppliers: Suppliers can offer information on the contractor’s payment history, reliability, ability to meet deadlines, and adherence to project specifications.
REMEMBER, while these unwritten ways can provide helpful information, they should be supplemented with more formal vetting methods, such as checking licenses, insurance coverage, and requesting references from the contractor.
Always conduct THOROUGH DUE DILIGENCE before hiring a contractor to ensure they meet your specific requirements and standards.
