The Tradesmen’s Collective’s Escrow Service protects homeowners, contractors, and subcontractors, taking the guesswork out of payment schedules. After a general contractor’s bid is accepted and a Tradesmen’sCollective official contract is signed, subcontractor agreements are automatically sent out to the relevant subcontractors. A portion of the contract value is immediately escrowed and allocated to each party per their commitments in the contract. Portions are released to the appropriate parties for the start phase, including supply houses. As milestones are reached, the Collective’s unbiased, skilled inspectors inspect the job, take photos, and verify that work is being performed in accordance with the contract. After inspections ACH payments are released within days to the contractor and subcontractor according to a pre-set schedule.
The Escrow Service is an elective service for all Tradesmen’s Collective members using verified Tradesmen’s contracts. A 1.5% fee (of the total contract value) is built onto the home improvement contract and paid by the homeowner, along with an upfront fee of $675 to cover 3 inspection points. This service asserts that all parties are paid fairly for completed work, so that payments are FAST and RELIABLE.