Vendor Dispute Resolution by iCREDIT
iCREDIT vendor dispute resolution is the answer to almost every type of complaint the counter-parties may have in a business transaction. The resulting reduction in default risk exposure can be telling.
The issues surrounding vendor disputes almost always come down to somebody wanting to be paid and somebody saying the payment is not due because the performance requirement has not been met (for whatever reason). The key issues that contribute to this cause are:
- Subjective criteria being used to determine when a payment is due and how much would be due.
- Oral changes to the basic contract that are not codified into a written change order or agreement that is later made into a controversy.
The resulting costs can be telling. Mechanic’s liens, litigation, distraction of management, and the passage of time all serve to compound the cost in resources of time, people and money. The investor and/or lender is stuck with the result if a default is triggered.
What is to be done?
The iCREDIT Program addresses all three of the chief vendor dispute issues that routinely arise and others as well.
With iCREDIT, dispute resolution is dealt with upfront in a fair and swift manner.
Fraud is not a possible outcome with respect to invoice phishing or payment diversion. The vendor is wholly and singularly liable for not making sub-contractor payments. Deviations become a potential criminal matter, thus providing a strong incentive for every vendor to play by the rules.
Oral change orders are not allowable in iCREDIT. If the deal changes a written instrument has to be executed. All parties are notified and sign a release and declaration upfront so neither the vendor nor the owner is obligated to an oral change order ever.
This is just a tithing of the benefits that iCREDIT provides in a cost-efficient structure that provides strong protections against fraud, certain default risks, financial reporting failures, management execution failures and bloated operating budgets. Find out what we can do to help by making that phone call today.