Glossary of Terms

Build Wallet

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Note: While the Projects’ Build Wallet is owned by the Owner, it cannot be withdrawn without the direct permission of the Lender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

Escrow

Funds that are held in custody between 2 contracting parties. 

Note: The release of funds can only be triggered by the contracted party submitting an Invoice and the other party approving without revision.

Invoice

Submitted by either Subcontractor or Supplier, consisting of 3 photos proving the Sub/Supplier has met payment milestone conditions they are submitting for, and any additional notes.  Submitted to the Contractor for review and direct payment.  

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

Line Item

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.

Payment Milestones

Clearly defined and observable stages of progress from which both the Contractor and the Sub/Supplier can produce physical proof of work complete. 

Phase

Logical grouping separation points along the project. 

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

Project Registration Fee

Required to make a project Actionable.  This is a One-Time $300 Fee paid by the Owner from the Owners’ Wallet and required to take a project from “Planning and Draft” stage, and make it “Real and Actionable” with the ability to send Links and invite the Lender and Contractor, and also create a Build Wallet for the escrow funding of the project.

SOV = Schedule of Values

Scope + Budget with units and values creating a total and complete list of items to be completed on the project.

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 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

Supplier Link

An invitation given by the Contractor to a Supplier with an offer to purchase materials & details about the requested materials 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 Supplier 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 Wallets

Owned by the User, this is a FBO (For Benefit Of) Digital Wallet 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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