They should wash the house (using a specific exterior cleaner - look at This Old House for examples), scrapte & sand, prime, caulk, and paint. I would definitely specify the type and brand of paint, and you may be better off buying it yourself, or breaking out the cost of the paint as a separate portion of the estimate with the agreement that you'll pay for as much is needed, so they won't be inclined to water it down or use the bare minimum to avoid buying more.
I posted earlier this year and was told to require an oil-based primer (my trim is wood) - 1-2-3 makes a good one - and then acrylic paint. We'll see how well it lasts.
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