Claims Funds Control with NACS
Construction projects come with significant risks – from contractors working to meet deadlines to avoid construction defects to potential workplace injuries. But among the many risks that exist is non-payment to subcontractors and suppliers.
Claims Funds Control with NACS
Construction projects come with significant risks – from contractors working to meet deadlines to avoid construction defects to potential workplace injuries. But among the many risks that exist is non-payment to subcontractors and suppliers.
Not all construction projects begin with a funds-control process in place. The owner releases the funds on a project to a contractor and, along the way, the project takes a turn for the worse. The contractor encounters cashflow problems, perhaps as a result of mismanagement or the diversion of funds for other projects. Subcontractors aren’t paid for their work and a surety claim is filed. A hold is placed on disbursing any additional payments until the issues are resolved.
An Optimum Outcome with NACS
NACS helps mitigate a loss that can balloon without funds control. We can get involved at any point on a specific job either reconciling previous funds paid or controlling the remaining dollars on the contract.
Our staff works with the surety claims department in handling the remainder of the funds control to help manage and minimize the loss.
Contact the Funds Control Experts at NCAS
We look forward to discussing our Surety Funds/Control Escrow services with you. We understand exactly the exposures and needs of sureties and how funds control makes bonding more secure.
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