We've recently been asked by our GC to onboard Lienwaivers.io, in order to receive our pay requests. This is a third party lien collecting company, who holds money in a trust (?) and then releases payment once an unconditional is signed. Is this safe? Legal? to have Subcontractors sign their unconditional BEFORE payment is fully received?
This is a third-party lien collecting company -- not your actual banker. They hold money in a trust and then release payment once an unconditional is signed and also get assignment help from there. This type of account is generally safe and legal to use, as long as the bank has been named and holds the funds, they have no legal recourse against you.