Glossary of Terms

buildwallet

This is a FBO (For Benefit Of) Digital Wallet with $250,000 FDIC Insurance issued at the time of Project Activation is housed inside our Banking Partner – Evolve Bank and Trust. 

Note: While the Projects’ Build Wallet is owned by the Owner, it cannot be withdrawn without the direct permission of the Lender

Change Order

A modification to the original contract or subcontract.  Must be approved by both the issuing and receiving parties.

Contractor Link

An invitation issued from the Owner giving the Contractor a view-only access into the project and requesting the Contractor to either:

1)     Make a Bid

2)     Decline to Bid

Invoice

Submitted by either Subcontractor / Supplier, consisting of 3 photos proving the Sub/Supplier has met conditions they are submitting for, and any additional notes.  Submitted to the Contractor for review and either "Approve to Pay" or "Punch Items".  

Lender Link

An invitation issued from the Owner giving the Contractor a view-only access into the project and requesting the Contractor to either:

1)     Accept

2)     Decline

Smart Subcontract

An individual scope of work that has a financial value and can be assigned to either a Subcontractor or Supplier

Note: To provide further information Quantity, Units of Measure, and Per Unit Costs have been included to every Line Item to provide greater clarity to the Sub/Supplier.

Note

An item of importance in the SOV that has a $0 Value.  These items can be references, or reminders on things that must be completed in the certain phase.

Phase

Logical grouping separation points along the project. 

Examples: Prep & Planning, Demolition, Structure, MEP Rough-In, Envelope, Interior Finishes, Finals, Exterior, Close Out

Smart Contract

Group of Subcontracts broken down by phase.

Subcontract

Contractual obligation issued by the Contractor and agreed to by the Subcontractor that outline the Scope of Work, the Value to be Paid, the Payment Milestones, and any additional Notes included in the platform. 

Note: This does not constitute a legally binding agreement and should be supplemented with a paper contract if desired.

Sub/Supplier Link

An invitation given by the Contractor to a Subcontractor with an offer of work & details about the requested work to be done.  Details consist of Jobsite Address, Item(s) requested, quantity, unit of measure, price per unit, total contract value, payment milestones, and any additional notes.

Options for the Subcontractor are:

1)     Accept offer as written

2)     Revise aspects of the offer

3)     Reject the offer

Transaction Fee (3%)

Paid by those who receive funds through the platform.  Specifically, the Subcontractor, Supplier, and Contractor as they receive payment for invoices. 

Example: If a Tile Installer invoices $1,000 – he/she would receive $970 upon approval from the Contractor.

User Bank Accounts

Owned by the User, this bank account with $250,000 FDIC Insurance issued at the time of Sign Up housed inside our Banking Partner – Evolve Bank and Trust

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