Sundt enhances risk management and speeds payments to sub-tier subcontractors
Sundt Construction Inc., recently extended their use of Textura's Construction Payment Management (CPM) system to help manage invoicing and payment to their second tier subcontractors.
Sundt was one of Textura's first customers to use CPM with their prime subcontractors in 2006.
Textura allows the prime subcontractor to retain full control over the approval of their subcontractors' invoices. Electronic collection of invoices and lien waivers reduces their costs over the manual process and speeds delivery of their pay application to the general contractor. Sub-tiers can be confident that the general contractor has knowledge of their involvement on the project and that they will be paid in a timely manner through a direct electronic payment. This simplifies the entire invoicing and payment process.
By paying the second tier subcontractors through the Textura system, Sundt receives current signed unconditional lien waivers directly from the sub-tiers without waiting on the prime sub to manually provide them. CPM also can track compliance documents for sub-tiers and automatically notify them of impending expirations and non-compliance, just as the system does for prime subcontractors. BD+C