Escrow in the context of construction refers to a neutral third party that holds funds and documents on behalf of the parties involved in a construction project. This ensures that all parties fulfill their obligations and that the project is completed successfully. In a construction escrow, the funds are typically held by the escrow agent until certain conditions are met, such as the completion of specific milestones or the approval of work by the project owner.One of the main benefits of using an escrow in construction is that it provides a level of security for all parties involved. The escrow agent helps to prevent disputes by ensuring that funds are only released when certain conditions are met, protecting both the contractor and the project owner. Additionally, escrow can help to streamline the payment process
What is Escrow?
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Top 3 reasons construction finance teams use the Vergo platform
automate manual processes
Eliminate the hassle of manual data entry and repetitive tasks with our automation tools. Our platform ensures a smooth transition with free setup and ongoing support, making it easy for your team to get started.
streamline communication with the field
"Improve coordination and information flow between your office and field teams with our desktop and mobile app. Our platform enables real-time updates and seamless communication, keeping everyone on the same page.
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unlock better reporting & analytics
Transform your data into actionable insights with our powerful reporting and analytics tools. Our platform provides instant access to critical information and dedicated support to help you make informed decisions faster.
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"Our finance team absolutely love the platform."
"The platform has boosted our workflow efficiency and team collaboration. It's intuitive and user-friendly, allowing us to quickly adapt and enhance productivity."
"We saved hours eliminating manual data entry."
"Automating our data entry processes has saved us hours. The software captures and organizes our financial data accurately, reducing errors and freeing up time."
"We have so much more clarity into our project data."
"The platform gives us real-time insights into project data with advanced analytics and reports, helping us make better decisions."
