|
Under the BUILDSAFE® Security of Payment Scheme, BUILDSAFE®
This Security amount may be a value agreed upon between the parties for the purpose of their specific contract or you may choose to use the BUILDSAFE® recommended amount - Which is calculated to be roughly the equivalent of the deposit required by most contractors under typical building contracts. That amount is also roughly the equivalent of the final payment to be paid to the contractor under the contract. The Security Amount is held in trust by BUILDSAFE® until the contractor has performed its obligations under the contract and then BUILDSAFE® releases the Security Amount to the contractor and the subcontractors, as the case may be, and the service is complete. Of course, if the contractor fails to perform its obligations, the money will be given back to the Owner. To find out the BUILDSAFE® recommended Security Amount for your specific project check out our Calculator holds an amount of money called the 'Security Amount' which is paid by the Owner/Principal. |
