I am new to the Board of Directors in my HOA. What should the Board members look for when evaluating vendor contracts?

It depends on the type of service the contract will provide. It's common to get excited about a vendor that promises to deliver a service at a reduced cost. Before you actually sign on the dotted line, it would behoove the Board members to dig a little deeper into the details.

For example, let's say you are reviewing the landscaping contract. Depending on where you live (climate as a consideration), you should request a schedule of service for 1 year which includes the # of visits per month/year, the repair fees for your irrigation system/sprinkler heads (if applicable), the frequency of changing seasonal flowers and adding new mulch and fertilization frequency. Keep in my mind that this list is not comprehensive and you may need to ask for additional schedules.

Additionally, depending on your state's laws, your landscaper may need to be licensed to apply fertilizer and repair irrigation systems. Finally, insurance may also be required for the landscaper. I understand that the Board may want to control costs, but establishing a contract with a questionable vendor that has access to your community is a risk I would not take. To sum up, in my experience, you get what you pay for if you keep on top of the vendor's work.