12 SECONDS from Approval to Receipt

Subcontractor Milestones

The Milestones of the Subcontractor are whatever Payment Milestones are negotiated with the Contractor in the Subcontract.

Every Subcontract must have a minimum of 3 Milestones and can add up to 15 more – video

INVOICE – Once the Subcontractor reaches the Preset Milestone they use the BuildWallet App on their own Smartphone and Invoice for the work done – including geo-tagged photos – video

APPROVAL – The Prime Contractor receives the Invoice (with photos) and either Requests Changes – video  – OR – Approves and releases the Milestone Payment – video

AUTOPAY – 12 SECONDS after the Prime Contractor Approves the Invoice, the Subcontractor receives payment in their Wallet – video (less 3% transaction fee)

Sub's Invoice Payment

IF/THEN
IF the Prime Contractor approves the Invoice /THEN the escrowed funds will be deposited into Subcontractor’s Wallet.

Prime Contractor Milestones

The Milestones of the Prime Contractor are the Phases.

INVOICE – Once all the Subcontractors in a Phase complete their work 100% – the Prime Contractor Submits to the Owner for Phase Approval – video

APPROVAL – The Owner reviews the status of the Phase and either Requests Changes or Approves the Phase – video

AUTOPAY – 12 SECONDS after the Owner Approves the Phase, the Prime Contractor receives the Phase Overhead + Profit + Margin payment in their Wallet – video (less 3% transaction fee)

Prime's Phase OH&P + Margin

IF/THEN
IF the Prime Contractor completes all scopes in a Phase and the Owner Approves /THEN any & all Overhead, Profit, & Margin will be deposited into the Prime Contractor’s Wallet.

Owner Milestones

The Owner’s Milestone is 100% completion of all Phases in the Project.

Once the Prime Contractor has completed all the Subcontracts 100%, and has submitted all the Phases for Owner’ Approval, the Prime Contractor will submit a Final Project Closeout & Archive request.

Once the Project is Closed Out and Archived, the Owner can Submit for Approval from the Lender (if applicable) to transfer any Funds Balance remaining in the BuildWallet back to the Owner’s Wallet.

Here is a video showing the Project Balance Transfer back to the Owner

Owner's Balance Returned

IF/THEN
IF all phases of a project are completed by the Prime & Subcontractors, & all Phases have been approved & closed out – AND the Lender has closed-out the project /THEN the Owner can transfer any remaining balance in the Project’s Build Wallet back to their Owner’s Wallet.

 

 

Responsibility Matrix:

Sub Invoice Prime Phase Payment Project Balance
Lender Approve
Owner Approve Returned
Prime Contractor Approve Paid
Subcontractor Paid