Escrow-Wallets hold funds for direct distribution to their final destination following platform protocol.

ESCROW-WALLETS

The Project’s Build Wallet is a dedicated digital wallet for the direct receipt/distribution of project funds.

Features:
One-time use
Dedicated to each individual Project
Provided upon Project Activation
One-way “lock box” for Project Funds
Receive and Transfer USD $

Owned by the Owner
FBO bank account in our Banking Partner
Non-Interest bearing
No Service Fees
FDIC insurance up to $250k

IN – Funds are transferred IN from Team Members’ User Wallets (Owner and/or Lender)
OUT – Funds are transferred OUT by the OWNER to the Subcontract Line Items & held in escrow until Subcontract work is executed, invoiced, and approved by Prime Contractor.

Any balance in the Build Wallet is returned to the Owner
– upon 100% project completion
– upon Lender approval

Project’s Build Wallet

The Project’s Build Wallet is a dedicated digital wallet for the direct receipt/distribution of project funds.

Features:
One-time use
Dedicated to each individual Project
Provided upon Project Activation
One-way “lock box” for Project Funds
Receive and Transfer USD $

Owned by the Owner
FBO bank account in our Banking Partner
Non-Interest bearing
No Service Fees
FDIC insurance up to $250k

IN – Funds are transferred IN from Team Members’ User Wallets (Owner and/or Lender)
OUT – Funds are transferred OUT by the OWNER to the Subcontract Line Items & held in escrow until Subcontract work is executed, invoiced, and approved by Prime Contractor.

Any balance in the Build Wallet is returned to the Owner
– upon 100% project completion
– upon Lender approval

Phase Wallet

Each Subcontract Line Item has a wallet for escrow of funds from the Project’s Build Wallet and holding until released to the Subcontractor by the Prime Contractor via Milestone Contracts.

Owned by the Prime Contractor
Funds are transferred from the Build Wallet to the Subcontract Wallet by the Owner
Funding the Subcontract Wallet allows the Prime Contractor to engage a Subcontractor
Funds can be added or withdrawn from a Subcontract wallet to the Project’s Build Wallet through a Change Order

Any balance held in the Subcontract Wallet and not paid to the Subcontractor is sent to the Prime Contractor – what we call “Subcontract Margin”
– Upon 100% of line item completion by Subcontractor
– Upon applicable Phase approval by the Owner

Subcontact Wallets

Each Subcontract Line Item has a wallet for escrow of funds from the Project’s Build Wallet and holding until released to the Subcontractor by the Prime Contractor via Milestone Contracts.

Owned by the Prime Contractor
Funds are transferred from the Build Wallet to the Subcontract Wallet by the Owner
Funding the Subcontract Wallet allows the Prime Contractor to engage a Subcontractor
Funds can be added or withdrawn from a Subcontract wallet to the Project’s Build Wallet through a Change Order

Any balance held in the Subcontract Wallet and not paid to the Subcontractor is sent to the Prime Contractor – what we call “Subcontract Margin”
– Upon 100% of line item completion by Subcontractor
– Upon applicable Phase approval by the Owner

Milestone Wallets

Every Subcontract is broken into Payment Milestones as negotiated & agreed to by the Prime Contractor and Subcontract.  Each preset Payment Milestone recieves it’s own Digital Wallet we call a “Milestone Wallet”.  The Prime Contractor escrows funds for the Subcontractor from the Subcontract Wallet into the Milestone Wallets.

FUNDS IN – Once Subcontract Terms & Payment Milestones are set, the Contractor Accepts and transfers Escrowed Funds from the Subcontract Wallet into the Milestone Wallets.

FUNDS OUT – Each Milestone is a pre-set Invoice opportunity for the Subcontractor.  Escrowed Funds are only released through the Invoice -> Approval = AutoPay

 

 

Responsibility Matrix:

Build Wallet Subcontract Wallet Milestone Wallets
Lender x
Owner x x
Prime Contractor x x
Subcontractor x