Vendor Management
Vendor Selection & Contract Management
At OCV and OCV companies, we work with a network of quality service providers and technology vendors who are aligned with our mission and values.
Vendor Selection
In selecting vendors for a specific business need, we generally interview 2-3 industry leaders and make a final selection based on a combination of factors such as price, quality and speed of service, and long-term scalability.
Expectations for Our Vendors & OCV
We look to OCV’s vendors as our partners to accomplish our long-term vision [link here], which often results in high expectations. It is imperative for the OCV team to treat external partners with the same level of respect and professionalism as we would internally. This includes providing well-documented guidance and information that the external teams need to do their jobs well and in a timely manner.
Contract Management
Once a vendor has been selected and approved internally, we can move forward with contracting. All contractual agreements with OCV must be reviewed and approved by the COO and, if deemed required, reviewed by OCV’s legal team.In general, other than employment agreements, OCV would review and sign a vendor or service provider’s own contract.
Asks of Our Recurring Vendors
We love repeat business with our existing vendors. This means the business is growing for both OCV and our partners. To help us streamline the contracting process, we ask our partners to highlight any changes to contractual terms since the last signed & approved agreement. We also prefer vendors to send us e-sign documents for signatures (see Digital Signatures section below).
Digital Signatures
Unless required by law (i.e. specific government filing forms that require wet signatures), OCV executes all signatures digitally.
Authorized Signatory
An authorized signatory is a person who is legally allowed to act on behalf of the business. These are typically corporate officers through designations in the company’s bylaws, board resolutions, or applicable corporate law. OCV’s authorized signers are:
GP
COO
Signing Authority at OCV Companies
Prior to an external fundraising event, OCV is an authorized signatory for our companies either through an executive officer position and/or board member status. This is required for OCV to complete entity formation steps as well as provide oversight and streamline business operations processes. See for additional details.Typical engagement agreements signed by OCV for OCV companies:
Banking services
Content / creative services (e.g. writers and logo design)
Finance & accounting services
HR / recruiting services
Tax services
Vendor Payments & Invoicing
See📒Vendor Selection & Contract Management section for additional information.
Invoice Submissions & Payments via Vendor Payment System
All invoices requiring payment must be submitted to the appropriate billing email alias. Our Accounting Team uses an e-payment system for vendor payments.
First-time vendors will need to onboard in the e-payment system, input profile and banking details, and upload a W-9, W-8BEN, or W-8BEN-E. New vendors should complete their e-payment system registration as soon as possible to avoid payment delays.
How does e-payment work?
To process e-payment, the Accounting Team will send an e-invite to the vendor’s email. The vendor accepts the invite and provides their bank information within the e-payment system.
e-Payment will be scheduled according payment terms as well as our internal invoice approval and processing cycle.
e-payment will typically arrive in the recipient's account within 2-4 business days from the scheduled payment date. Exception: For some non-US vendors who may have difficulties setting up the e-payment system, a wire payment will be processed.
Accounting & Finance Team Invoice Processing Cadence:
Invoices are processed twice a week. Currently, the team checks emails and processes A/P on Mondays and Wednesdays. The team will also process time-sensitive items upon request. The process should be evaluated regularly and can be updated if a different cadence is more efficient.
For US-based vendors, vendors are required to provide a completed W-9 Form prior to or at the time when they submit their 1st invoice and upload a copy in e-payment system under the Document section. This form can be downloaded from the IRS website. If the vendor is unable to upload their W-9, please email the form to our accounting email alias.
For Non-US vendors, vendors are required to provide a completed W-8BEN-E Form prior to or at the time they submit their 1st invoice and upload a copy of in e-payment system under the Document section. This form can be downloaded from the IRS website. Here are the instructions for Form W-8BEN-E Form. If the vendor is unable to upload their W-8BEN-E, please email the form to our accounting email alias.
Important: Accounting cannot process a payment without these Tax Forms
Please DO NOT submit invoices and/or payment instructions via other channels.
We recommend vendors to submit their invoices within 7 days after the services are rendered or the goods are delivered. Timely submission of invoices will enable Accounting to record the expenses in the right financial period.
Invoice Approval Process
Invoices received in the e-payment system will be routed for approval:
Accounting Team Review: Accounting Team performs initial review (first approval) to ensure payment amount, terms, hourly rates, etc. are consistent with executed vendor contract on file.
Management Review: After Accounting Team’s sign-off, the invoice is routed to a designated executive for Management Review and approval in the e-payment system. Management may tag a secondary review in the system for team members who were overseeing the vendor directly. For example, review of contractor hours from the contractor’s direct supervisor.
Once an invoice is approved by Management, Accounting Team schedules batched payments.
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