Feature Spotlight: Unconditional Lien Waiver Management
Managing Unconditional Lien Waivers
Lien Waivers are a crucial part of construction. Liens help protect construction companies and suppliers ensure they get paid. However, once these parties have been paid, ensuring that everything is in order with the waiver is tantamount. Otherwise, contractors may not get paid what they are due. Additionally, if you are the owner of a project, you want to avoid paying more than you need to. Unfortunately, in the past, managing lien waivers was a time consuming process.
The construction billing cycle is one that is notorious for being far more lengthy and fraught with issues- more than almost any other industry. Part of this is as a result of the antiquated methods many construction companies use to process lien waivers. Luckily, at Flashtract, we're working on making everything about construction billing easier.
At Flashtract, we launched Unconditional Lien Waiver management from our app earlier this year. Now you can manage unconditional lien waivers in one place, and request signatures quickly.
How does the Unconditional Lien Waiver Management Tool Work?
- Choose a project
- Customize settings & options for the Unconditional
- Choose a subcontractor
- Send your signature request
No more back and forth emails. No more costly errors in lien waivers. You can now easily see the status of your unconditional lien waivers, create new ones, and send signature requests all from Flashtract.
Better yet, the whole process is simple. You can request signatures on lien waiver docs in just a few clicks. Lastly, it is easy to update document statuses within the software.
What can you do with our lien waiver management feature?
Our lien waiver management feature allows you to easily view, access and create unconditional lien waivers, all from one easy spot. You can see at a glance the status of Unconditionals associated with projects or clients, and request signatures. By using our generated documents, additionally, you cut down on the number of errors or problems that arise when creating these legal documents by hand.
Additionally, when all of your documents are in one place, you can stop digging through emails or physical paperwork to ensure everything is in order. With just a glance, you can verify who has submitted their unconditional, and who has not.
Lastly, communication becomes easy and transparent. When you are ready to request or remind a subcontractor about their unconditional, you can do that from our app as well.
Are you ready to find out more?
Unconditional Waiver Management FAQs
What email is the unconditional waiver sent from?
The user who requests the unconditional is CC’d. The email is sent by firstname.lastname@example.org
Do my subcontractors receive instructions on what to do in the unconditional waiver request email?
Instructions are included in the email asking the subcontractor to download, sign, and return the unconditional lien waiver to the requester from the general contractor’s company.
The requester’s email address will be listed for reference in the email, or the subcontractor can reply all back to the email with the signed unconditional lien waiver.
When is the right time to request the unconditional lien waiver from the subcontractor?
Some general contractors request unconditional lien waivers from their subcontractors before they disburse payments while others request unconditional lien waivers from their subcontractors after they have disbursed payments. This is a business decision you can make internally and with your subcontractors.
Where do I attach the unconditional lien waiver when it has been returned by my subcontractor?
Flashtract currently does not provide an area for subcontractors or general contractors to upload signed unconditional lien waivers. We do allow general contractor users to mark unconditional waivers as collected. This functionality will be available in a later version release.
Can Flashtract generate custom unconditional lien waivers?
Yes, Flashtract can generate and populate custom unconditional lien waivers for you based on the approved payment amount.
If you do not see the template you are looking for in the template drop down in Flashtract please email email@example.com with a copy of the document you are requesting.