Lien Waiver Vault
A seamless and secure interface to issue payments and exchange unconditional lien waivers protects the rights of both the general contractor and the subcontractor.
Missing documentation can cause delays in the payment application and remittance process.
Trimble Pay's secure Lien Waiver Vault provides a secure way for general contractors and subcontractors to exchange unconditional lien waivers.
Since all unconditional lien waivers are collected, stored, generated, and managed within the app, all parties experience fewer delays due to missing documentation. This ultimately expedites payment to subcontractors.
Purpose
As part of the invoice submission process, general contractors request unconditional lien waivers from their subcontractors.
- an unofficial copy is provided to all parties (general contractor and subcontractor)
- the official copy is held in our secure vault and not made available to either party until the subcontractor confirms receipt of the applicable payment from the general contractor.
Acting as a third-party processor, Trimble Pay guarantees the subcontractor that the electronically signed unconditional lien waiver will be held securely in escrow until the subcontractor is paid via electronic ACH payment or the subcontractor verifies receipt of payment within the system. This assurance is written into the written Terms & Conditions of the software.
Process
- Subcontractor signs the unofficial unconditional lien waiver during invoice submission.
- Trimble Pay stores the official copy of the unconditional lien waiver securely in the Lien Waiver Vault where no parties can access it.
- Trimble Pay grants all parties access to the unofficial copy.
- General contractor issues payment (by ACH or other means) on a given Application for Payment.
- Subcontractor verifies payment is received.
- Trimble Pay grants all parties access to the official copy.
