Registered Businesses trading records and financial positions are checked by Scheme Providers when they are first registered under the TrustMark Scheme. They are also subject to monitoring and audit to ensure they continue to meet TrustMark’s high standards. However, such checks cannot guarantee that a business will never encounter financial difficulties whilst works are being undertaken.
Escrow is a legal arrangement in which a third party temporarily holds sums of money until a particular condition has been met, for example, completion of an agreed percentage of the works. TrustMark has partnered with Transpact (Europe’s leading escrow service) to provide this optional service for homeowners and businesses as an added level of protection.
It is a very low-cost, straightforward process. A contract is negotiated between the Registered Business and their customer, covering the works to be carried out, associated costings and what would trigger payments back to the consumer. These details and a schedule of payments and dates are agreed by both parties. Once the escrow proposal has been agreed upon and the monies transferred, both parties are .
The customer knows their money is completely safe, right up to the point that they are totally satisfied with the completed work, at which point it is released to the tradesperson. You can be sure you will only pay what was agreed, at the appropriate time and only when you are happy with the work that has been carried out.
