Hiring a contractor for a home improvement or construction project can be a risky proposition. I once hired a contractor to install a fence on my property. We signed a contract and I copied his driver?s license and his contractor?s license. I paid him a deposit and waited for him to start the project. Then I waited some more. But, the contractor never showed up and I lost my money. Nearly everyone has had a similar experience. Although most contractors are honest, there are a few ones who are not and clients need protection. Now, there is Equal Foot, an online contracting tool that protects both the client and the contractor, ensuring that each performs and that each party is on equal footing.
Equal Foot is a revolutionary online tool for parties to do contracts. Parties can create, negotiate and execute any contract online securely through Equal Foot, then manage the contract, deliverables, performance and payments, with payments made by the client into a safe and secure escrow account so that the contractor knows it will get paid if it performs, and the client knows it will get its money back if the contractor does not perform. After the contractor performs, the client releases the payment from the escrow account. If the parties have a dispute, such as the contractor did not perform or the client did not release the payment, then they are required to resolve the dispute through Equal Foot?s expedited and economical dispute resolution process, administered by an independent arbitration association.
Using Equal Foot is like having an ?insurance policy? on your contract. In the context of home improvement or construction, the client and the contractor would negotiate and execute their contract using Equal Foot and establish milestones for each stage. In the contract, the parties will agree to values assigned to each performance milestone. For each milestone, the client must deposit funds into an escrow account before the contractor begins performing. Once Equal Foot confirms that payment has been received, the contractor will perform per their contract. When the contractor has completed the milestone in accordance with the contract, the client will release the escrowed funds. This will continue for each milestone until the contract is completed. We like to state that ?performance begets performance?.
Essentially, if the client pays, then the contractor must perform or the client will get their money back. Likewise, if the contractor performs, then they will get paid. The enforcement of the contract comes Equal Foot?s expedited dispute resolution process. In this manner, each party is ?on equal footing?.
Not only is Equal Foot useful for home improvement or construction contracts. Pretty much any contract involving remuneration can be entered into using the service, from sale of goods (products, imports/exports, etc.) to provision of services (software development, website design, etc.). The service includes a calendar too where users can track deadlines and deliverables, and includes the ability to upload documents, images, plans, etc. to track progress. Multiple contracts for a single project can be grouped together for easier management and organization.
Try Equal Foot the next time you hire a contractor. Not only will you have a binding contract in place, but you will also be able to manage your contract and make sure that you get what you pay for. Because, through Equal Foot, performance begets performance.
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The author is an investor and entreprenuer and co-founded EqualFoot.com. He founded Equal Foot because he determined that there is a need for BOTH buyers and sellers to have access to an easy-to-use contacting tool, that protects each party no matter their size or leverage. Try Equal Foot for your next contract, visit https://www.equalfoot.com/
Equal Foot is a revolutionary online tool for parties to do contracts. Parties can create, negotiate and execute any contract online securely through Equal Foot, then manage the contract, deliverables, performance and payments, with payments made by the client into a safe and secure escrow account. Disputes are resolved through Equal Foot's expedited and economical dispute resolution process, administered by an independent arbitration association. Equal Foot puts both parties on equal footing.ron burgundy millennial media nit championship transcendentalism bells palsy channel 5 news uc berkeley
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