CFCS Inc.

FAQ

Frequently Asked Questions - If you don't see your issue addressed here, please let us know.

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1	Do you do physical inspections?
2	Can the owner / developer make changes to the project?
3	How do subcontractors and suppliers get paid?
4	How long is a draw cycle?
5	How often do you make disbursements?
6	What is required to set up a new project?
7	Who provides site visits and what are their qualifications? Are pictures taken?
8	How are lower tier subcontractor and lower tier material supplier payment risks addressed?
9	Are payments made directly to contractors, subcontractors and suppliers?
10	Ever bounced a check?
11	Who takes the risk of bank failure?
12	How does the company ensure that lien waivers conform to state law?
13	When was the fund control company formed?
14	Does the company confirm the contractor’s/developer’s performance with the bond obligee before payments are made?
15	If issues are noted when the developer makes a pay request, are they discussed with the surety before payment is made?
16	Does the company evaluate & track change orders and tie them back to the developer’s original budget?
17	Does the company prepare and make available to the surety an escrow/payment summary after each draw request?
18	Does the company analyze pay estimates against the developer’s line item budget?
19	Does the company require preliminary lien waivers before payment is made from escrow?
20	Is the company affiliated through common ownership, with any surety, insurance company or insurance agency?