This chart from BPC illustrates that narrow window.

"With the 2016 Republican convention starting on July 18 in Cleveland, and the Democratic convention beginning the following week in Philadelphia, if the campaigns have not already begun their processes, now is the time to do so," the report advises. "The key consideration is timing, not whether the likely presidential nominee has emerged. If the race is still not decided, the candidates still in contention should launch their vetting processes so that they have the eight weeks minimum for an adequate vetting."

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There are some signs that the candidates have heeded that advice. Former Hewlett Packard executive Carly Fiorina confirmed to the Weekly Standard on Monday that she is being vetted by Ted Cruz's campaign. John Kasich's campaign acknowledged they have begun their vetting process as well. Donald Trump told the Washington Post last week that he has held off beginning the vice presidential vetting process until he locks down the nomination more firmly.

That Trump timeline virtually ensures a less-than-fully-vetted candidate as his vice presidential pick, a prospect sure to make an already-skittish GOP establishment even more concerned about the prospect of Trump as the party's nominee. And, in truth, Kasich and Cruz and their staffs will struggle to give the vetting process the full attention that it needs given that the duo is in the midst of coordinating in the final five weeks of the campaign to keep the nomination from Trump.

While Democrats have a similar problem — there is no sign that Bernie Sanders will be leaving the primary race any time soon — Hillary Clinton's delegate lead is such that you can be sure a decent chunk of her staff have turned their attention to the vetting process already. Campaign chairman John Podesta made clear to the Boston Globe last week that VP vetting is already underway by noting that Clinton would definitely have a woman on her VP short list.

Even so, Clinton will have only 38 days between the formal end of the primary process June 18 and the opening of the Democratic convention July 25. Historically speaking, that's a remarkably short period in which to make a veep pick.