Being a subcontractor or specialist trade contractor is high risk work. It will come as no surprise to hear that you are the most at risk of not being paid for work carried out on residential building projects. This is because if the builder is not paid, they generally do not have the money to pay the subcontractor.
Like it or not, specialist trade contractors tend to be ‘at the bottom of the food chain’. So while the industry relies heavily on Subcontractors to do most of the building work, Subcontractors must rely entirely on the main Contractor and the owner for payment. And, if there are issues between the builder and the owner, or financial issues with the builder, the subcontractor is often the last to know and is therefore unable to take steps to protect themselves.
BUILDSAFE® provides a service that can reduce your risk by holding the money due to you for your subcontract works safe until you have completed that work. The money is kept in an independent trust account and cannot be touched by the owner or the builder until you are paid for the work you have done.
Why should you use BUILDSAFE®?
BuildSafe can provide protection to subcontractors and specialist trade contractors from not being paid for work that you have completed. It is a cost effective and user friendly service which reduces the amount of time you spend on chasing payment. This means that you have more time to do the work that you enjoy.
BUILDSAFE® will also give you tools to contract sensibly and you can call our experienced team at any stage with any questions.
How do I use BUILDSAFE®?
Its simple to use BUILDSAFE®. All you need to do is register your interest and we will be in touch to finalise your registration. You can choose to make it a condition of your quote that the builder puts your money into BUILDSAFE® before your start work or you can choose to register for a share of the amount that the owner has put into BUILDSAFE®. We can help you decide what is best for your business.
When should I use BUILDSAFE®?
You should use BUILDSAFE® for every job - otherwise when you are at the start of the job you can never know if someone is going to be able to pay you at the end or not.
You should use BUILDSAFE® whether you are specialist trade contractor in direct contract with a home owner (such as a plumber or tiler) or you are a subcontractor to the main builder.
So make sure that you protect your business and register your interest today or if you prefer to speak to a "real person" give us a call on 0508 4 BUILDSAFE
