Why are my financials being required? (Vendors)

Great question! First, some quick context about us: TradeTapp is a third party prequalification platform, used on a subscription basis by general contractors or developers.

Very often our product is used in conjunction with a Subcontractor Default Insurance (SDI) program. Much like a CCIP, an SDI program is an insurance policy purchased by the general contractor which replaces the need to collect and maintain some insurance coverage from all of the subcontractors on the project. In this case, the SDI policy in place is replacing the need to collect payment & performance bonds from your company.

Accordingly, in order to maintain a sustainable SDI program, it's imperative for any general contractor to perform a basic evaluation of your company's financial position prior to enrollment into the SDI program. To do this accurately and fairly, we require your latest financial statements. This must include at least a balance sheet and corresponding statement of income. We understand the sensitivity of these documents, and accordingly this contractor is using TradeTapp's secure platform to protect your data and information.