Construction Payment Services
We are pleased to offer "Construction Payment Services" or CPS as an enhancement to our escrow and paymaster service offerings. Whether your project is residential or commercial, new construction, reno or remodel, Guard-IT can hold project funds in escrow and issue payments to contractors and subcontractors.
CPS assures all Parties that the project is securely funded and that the funds are held safely until completion. Payments to contractors or subcontractors may be issued upon benchmarks (draw basis) or in full (project basis).
Guard-IT's CPS raises the level of trust and security for everyone involved in a construction project. Owners can be assured that payments will be held securely and properly disbursed, and contractors can be assured that their projects are funded and that they will be paid in a timely manner.
The CPS agreement is designed to supplement your construction, reno or remodel contract, to which Guard-IT is not a party. Disbursement (payment) authorization may be submitted solely by the general contractor or owner, or jointly with mutual approval with the subcontractor.
For the utmost in security, accounting and reporting, our Construction Payment Services are supported by Capital One Bank's treasury management system.
Note: All paymaster escrow services require a signed escrow agreement and submission of complete KYC details and AML declarations for the Parties involved.
Contact us at firstname.lastname@example.org for a sample escrow agreement, pricing info or call us at (512) 282-1995 to discuss how we can help with your next project.