The Benefits of Fund Control for Contractors
When the Great Recession hit in 2009, the construction industry took a huge blow. With homes foreclosing and major companies filing bankruptcy left and right, there was no demand for new construction projects or remodels. However, as the economy rebounds, the industry continues to gain strength. In fact, the business of building and remodeling is recovering at such a rapid rate that contractors can barely meet the demand. Although the booming market adds stress and busyness to a contractor’s life, it also affords them more options for work.
Gone are the days of taking whatever work is offered just to stay afloat. As market demand increases and prices rise, both general contractors and subcontractors have the luxury of choosing the businesses with whom they work. Quick Draw Fund Control works closely with contractors to ensure that everyone is paid on time. Contractors no longer have to work with companies that delay payments—the flourishing market allows them to pick ones that adhere to payment deadlines.
How does a fund control company benefit contractors?
First, Quick Draw Fund Control meets with the contractors to establish a logical payment schedule. A good fund control company will be involved every step of the way, explaining in detail how fund control works. The job of the fund control company is to educate the general contractors about the entire process, ensuring that there are no lingering questions or confusion.
Second, Quick Draw Fund Control provides the general contractor with the proper forms, including invoices, conditional and unconditional releases, change order forms, and any other form that is relevant to the construction industry and their accounting practices. In the state of California, there are two kinds of releases: conditional and unconditional. Oftentimes subcontractors fill these out inaccurately; it is the job of the fund control company to catch and remedy these inaccuracies.
Third, payments are delivered in a timely manner so that general contractors can keep their company and employees protected. As soon as the first draw is received, and approved, the funds are released. Additionally, if there is a payment dispute on the job, Quick Draw Fund Control can help all in involved parties agree on a resolution. There are many parties involved in a construction site—from materials suppliers to subcontractors to general contractors and inspectors, and everyone should be paid on time. A good fund control company will ensure that everyone is happy with the final outcome.
Quick Draw Fund Control’s ultimate goal is to keep our clients (and therefore our clients’ clients!) satisfied. When payments are late or withheld, many people are affected and Quick Draw Fund Control strives to avoid undue hardship or stress for our clients, their employees, and families.