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THE BENEFITS OF BUILDSAFE
Because BUILDSAFE® is a fair, independent and neutral third party with no financial interest in, or liability for, the underlying construction contract, we can:
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Providing and requiring adherence to a fair and effective payment regime which replaces any previous agreements as to payment, whether imposed by an Owner, or made by agreement, or otherwise.
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Providing for immediate payments to be made at the commencement of the contract to cover local authority fees, charges and levies and associated costs that cannot be obtained on credit.
- Providing for the entitlement to monthly Progress Payments under the relevant Construction Contract whether or not the Owner is a Residential Occupier.
- Eliminating retentions from progress payments during the course of the contract works for the purpose of ensuring performance and for the purpose of defects liability.
- Remove any prospect of contract monies being used for any other purpose by holding the Owner’s deposit safe and secure for the benefit of the parties.
- Protect you from loss as a result of an accident or natural disaster caused by, or contributed to by you, or your agents, or your servants during the course of the contract works through our BUILDSURE™ Insurance Scheme. Under the BUILDSAFE® Security of Payment Scheme, there must be Contract Works and Public Liability insurance in place for the building project in order for the Parties to be eligible to participate in the Scheme. This can be easily arranged through our BUILDSURE™ Insurance Scheme. Of course you are welcome to arrange your own insurance cover, but in the event that no cover has been placed at the time the application to use the Scheme is made, our BUILDSURE™ Insurance Scheme will provide competitive cover arrangements easily and simply for you.
- Ensure the building project proceeds under a fair, formal, written building contract that clearly records each party’s rights and obligations under that contract to minimise the chances of a dispute arising because: first, in the event that the parties do not have a formal written building contract, the relevant BUILDRIGHT™ Conditions of Contract will apply by default; and secondly, and in any event, the Payment Regime under the BUILDSAFE® of Payment Scheme will replace any previous agreement between the parties as to payment. The BUILDRIGHT™ Conditions of Contract have been prepared collaboratively with two of the country’s leading Construction Law Firms to provide fair and effective conditions of contract for residential building and construction work to regulate and improve the way parties to construction contracts do business with each other, and to protect the interests of all parties to a construction contract.
- Provide you with fair, prompt and cost effective binding statutory dispute resolution procedures if required.
- Reduce the difficulty of collecting any monies you are found to be entitled to be paid by an Owner in an adjudication because BUILDSAFE® is holding the Security Amount in trust.
- Assist you with assessing the financial viability of the building project and the Owner at the outset because if the Owner is unwilling to participate in our simple, fair, no nonsense, commonsense Security of Payment Scheme, that response should set off alarm bells for you and you would be well advised to investigate the Owner further. That is because there is absolutely no downside to the Scheme for an honest Owner – the Contract deposit is held safe and as the project nears completion, that amount acts as the equivalent of a performance bond ensuring proper and timely completion.
- Provide you with a marketing edge in relation to securing building projects with Owners because you will be seen to be, and respected as, professional, financially sound, fair and even handed in your dealings, and most importantly, you will not be seen as a financial risk to the proper and timely delivery of the project.
- Provide you with a competitive edge in relation to securing the services and competitive pricing of competent and capable Subcontractors because you will be seen to be, and respected as, professional, financially sound, fair and even handed in your dealings and, not a threat or risk to subcontractors on account of the fact that there is security around their payments under the contract.
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