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Protect your cashflow - for one small payment of $100 you can keep yourself financially secure
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 Head Contractor 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 Head Contractor and the Owner for payment. And, if there are issues between the Head Contractor and the Owner, or financial issues with the Head Contractor, 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 Head Contractor 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 all the tools you need to contract sensibly (including Contracts for Subcontract Works and a full suite of documents to help you contract effectively under the Construction Contracts Act) and you can call our experienced team at any stage with any questions.
How do I use BuildSafe?
It is 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 Head Contractor puts your money into BuildSafe before you start work or you can choose to register for a share of the amount that the Head Contractor has put into BuildSafe. We can help you decide what is best for your business and how to approach things with Head Contractors or Owners regarding your decision.
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. It only takes one client to not pay and your cashflow is seriously altered and you are left in a position where you are playing catch up.
You should use BuildSafe whether you are specialist trade contractor in direct contract with an Owner (such as a plumber or tiler) or you are a Subcontractor to the main builder.
Make sure that you protect your business and register your interest today or give us a call on (09) 486 7145 or 0508 4 BUILDSAFE to find out more about our service and how it can help Subcontractors manage their businesses.