Lien waivers are exchanged thousands of times each day by parties on all sides of construction payments. Current exchange processes are inefficient and paper heavy, notes a lien rights management platform provider—and the complexities associated with lien waiver transactions slow down payments and expose companies to expensive risks.
To tackle the exchange of lien waivers in the construction industry, cloud-based platform solutions provider zlien, www.zlien.com, New Orleans, La., has raised $1.3 million in a funding round led by Brick & Mortar Ventures, http://brickmortar.vc, San Francisco, Calif., and released a new waiver exchange tool enabling construction industry practitioners to easily and electronically sign, exchange, and collaborate on lien waivers.
zlien’s new Lien Waiver Exchange tool is described as a public and completely free collaborative lien waiver product that’s easy to use by everyone in construction—from property owners and lenders to general contractors and subcontractors to material suppliers and equipment renters.
Operating in the construction SaaS (software as a service) arena, zlien enables construction companies to manage their mechanics lien rights. More than 10,000 users are reported to use zlien to secure payment by sending, filing, and tracking mechanics lien-related documents with ease and confidence. Last year alone, the zlien platform processed more than 250,000 projects and secured more than $4 billion in contract value.
Want to tweet about this article? Use hashtags #construction #software #technology #cloud #SaaS