Title: Understanding COMPASS Fees for Subcontractors
Introduction:
COMPASS offers a paid service catering to both Subcontractors and General Contractors. Subcontractors utilizing the COMPASS platform are subject to an annual fee, encompassing all prequalifications and projects with any general contractor throughout the billing cycle. This fee guarantees a thorough evaluation process for Subcontractors, aimed at identifying and mitigating risks to facilitate a seamless and successful project.
Advantages of the Fee Structure:
COMPASS introduces an annual fee model designed to streamline services for our subcontractors. These fees are determined by your company's annual revenue, ensuring fairness and transparency. By aligning fees with revenue, subcontractors can effectively budget and forecast expenses, promoting financial stability. Moreover, with a consistent fee structure, subcontractors can integrate a portion of their COMPASS fee into their bids, offering greater predictability and control over costs throughout the year.
Data Security and Ownership:
The COMPASS fee should be regarded as an enterprise expense rather than a project-specific cost. A portion of this fee is allocated towards implementing robust security measures and stringent data privacy protocols, safeguarding sensitive information. It is important to note that subcontractors retain ownership of their data, as clearly outlined in COMPASS's Terms and Conditions. This guarantees the confidentiality and security of subcontractors' data within the COMPASS system. Additionally, certain subcontractors may still be eligible for project qualification without consenting to disclose sensitive information.
Exceptions:
Diverse & Disadvantaged Businesses enjoy complimentary access to the COMPASS platform for annual revenues up to $10 million. Moreover, DBE subcontractors above the $10 million annual revenue mark qualify for additional discounts.
Benefits for the Subcontractors:
Streamlined Prequalification: Complete your prequalification just once per year, and utilize that single submission across all General Contractors, whether they're part of the COMPASS platform or not.
Centralized Platform: Tap into new opportunities through a centralized platform connected to a vast network of General Contractors.
Top-tier Data Security: Experience the highest level of security for sharing sensitive information, ensuring your data remains protected.
Universal Prequalification Form: Utilize a universal prequalification form that satisfies all General Contractor and Insurance requirements.
Feedback and Verification Process: Gain valuable analytical feedback and undergo a verification process to ensure accurate representation, enhancing your chances of successful prequalification.
Analytical Feedback and Promotional Tools: Access promotional materials and leverage features like Select List and QScore to showcase your firm effectively.
Conclusion:
It's essential for subcontractors using the COMPASS platform to grasp the reasoning behind its fees. These fees are strategically crafted to facilitate a standardized prequalification process, streamline operations, and deliver cost-effective solutions. Tailored to individual company revenue, the fee structure ensures fairness, predictability, and transparency, enabling subcontractors to manage their finances with confidence. Moreover, subcontractors can trust that their data remains safeguarded within the secure confines of the COMPASS system. Leveraging COMPASS's services empowers subcontractors to optimize their prequalification procedures and operational workflows, leading to increased efficiency and success.
To access USA fee schedule please click here
To access the Canadian fee schedule please click here
For any questions regarding the fee please contact the COMPASS team directly