BUILDSAFE® is an independent neutral third party which provides Security of Payment Services (Escrow) for the equal benefit of all parties to a construction contract.
Therefore it is preferable that the Owner/Principal and the Contractor pay an equal share of the cost of registering and administering the Scheme. However, of course one party can pay the whole of the registration and administration fee if that is what the parties agree, but it makes no difference to how the services are provided and gives absolutely no priority whatsoever over how the services are delivered.
A Subcontractor must pay a registration and administration fee to join the Scheme. The fee is the same irrespective of the Subcontract value which simply reflects the greater extent of security available to Subcontractors in respect of lower value construction contracts.
To find out how much it will cost to use the BUILDSAFE SECURITY OF PAYMENT SCHEME, check out our calculator.
