Our difference – One of the key differentials in our service from that of other renovation/home building networking sites and businesses is our escrow service. Financial transactions are often one of the biggest headaches in the construction industry. So to mitigate risk for any poor transactions,
FairTradeWorks’ business model has been designed to dedicate an escrow service so that all financial transactions (collections and payments) are done quickly, accurately and securely.
How it works – During a home renovation or new home build, our escrow service will act as an intermediary and hold all funds until all terms of the signed contract between homeowners and trades people have been met.
Imagine that before any building begins, a contract stating the scope of the project, its phases and timelines are all laid out and signed by both parties and witnessed by our FairTradeWorks Advisor. Then, the homeowner will sign post dated cheques for the projected timeline dates and these monies will be taken in the protection of our escrow services. Funds will ONLY be released to the contractors and trades once the terms of the agreement have been met on the pre-arranged date.
Why? How does this benefit you? For the construction worker, this service will provide safety of payment and reduce the amount of time chasing down funds from homeowners who hold back or refuse to the release of monies. Often trades and contractors end up empty handed at the end of a project as a client refuses to pay for their services.
Likewise, the escrow services will protect the homeowner from trades and contractors not meeting their promised completion dates and project scope expectations. So, it’s a win-win for all.