We all know that transparency is important, it is especially important when it comes to the construction process. In the typical construction process Owners engage a General Contractor who in turn hires Subcontractors. The respective contractors engage Lien Servicing Companies to provide Pre Lien filings which get sent to the Owner’s Rep. This can be further complicated if Lenders or Landlords are involved. More often than not, the Owners and Lenders have no visibility to the stakeholders on their projects.
The challenges are that there is a lack of visibility of all stakeholders on any given project, accurate data being provided and awareness of when payments are made. There is a new best practice supported by current generation technology that can support an improved process, can reduce overhead tied to pre-liens, streamline transparent operations, improve communication with the entire project team and optimizes quality deliverables.
With this new best practice Owners will never have to worry if the Subcontractors are getting paid when they pay the General Contractors, and Subcontractors will always be notified when the General Contractor is paid. The system allows full transparency and ensures that all parties involved know when a draw is released.
DrawAlert is hosting an interactive webinar that will focus on the current market challenges, case studies of early adopters of an improved set of best practices and seek feedback from the participants on how to improve the FM community’s management of construction.
Please note that registration has closed for this event.