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Welcome to next generation surety.
No paper forms, wet signatures, notaries, FedEx's, time delays or hassles.
Data is administered digitally and bond documents utilize standardized XBRL data elements.
The text on each form is specific to each form, but the data elements are consistent for an "apples to apples" data exchange.
Most surety documents will only use some of the available data elements, but every surety document will have the data elements it requires.
To participate in a project being administered digitally all you need to do is register with BuilderChain and then be connected to the project. Once registered with BuilderChain you can connect to any project and have access to any project data where you are a stakeholder.
BuilderChain / SRC Surety Based Risk Managment Platform
If you have received an email to submit your surety bond digitally you will have received two excel documents
Surety Bond Data Set with many of the data elements completed
Monthly application for payment
Complete the surety bond spreadsheet with the surety bond data your surety and/or surety broker provides and upload it to BuilderChain by clicking on "Import Data" or email as an attachment to the general contractor.
Complete the monthly applications for payment and upload it to BuilderChain by clicking on "Import Data" or email as an attachment to the general contractor.
A copy of Bond Qualification and IDEA Confirmation as a digital document and the spreadsheet with the required data elements is provided below.
Once the data is in the SRC/BuilderChain platform the surety will receive a digital validation request.
The surety confirming the surety document triggers the digital bond document accepted and validated.
More information on the digital initiative can be found on FISTech and SRC/BuilderChain website.
Any questions please let us know: Dixon@srcdis.com
FISTech for Finance, Insurance and Surety
Frequently Asked Questions
Where is the best place to start engagement with the digital ecosystem.
Is the Digital Ecosystem and data sets the final product.
Is the excel spreadsheet or the online form the actual surety bond.
Is completing the Applicaiton for Payment data spreadsheet or online entry all that is needed to get paid.
BuilderChain
Revolutionizing Construction & Insurance with XBRL
BuilderChain – Builder Validation
XBRL
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