In order to assist our clients and many consumers of the rating, we have put together a group of frequently asked questions (FAQ's) to assist with the usage of the tradeVET Rating.  If there is a question that you require further clarification please do not hesitate to call our offices.  To view the FAQ's, simply left-click on each question. “What is Risk Management?” Risk Management is a term that describes all facets of a given project, including personnel, business entitities and the their best practices, and how the “normal process” can be altered by a multitude of risk factors.  An example of how tradeVET manages risk on a given construction project or series of project is how our team interracts with all participating firms through assessing their project plans against previous sucessesful plans simulatenously with a multitude of projects that had mild to catastrophic failures.  Through our advising we support the project and construction teams by providing often times a high-level of quality assurance/quality control to ensure that their process and the overall “team” is running in the most efficient manner possible.  Our team of risk managers are an integral part of the overall and the “owner” and prime contractor often refer to tradeVET as an “owner’s representative” as we provide a wide range of tools to protect the owner from project failures and inefficiences. “How does tradeVET integrate with our team?” tradeVET staffs each project with a pedigree of professionals unmatched in the construction, architectural, and engineering industries.  We achieve this level of service and end product through staffing the “alumni” from leaders in the industry.  This expertise allows our team to integrate seamlessly with your team to ensure a multi-level QA/QC approach vs. an owner replying on the A&E firm to completely and effciently manage and deliver a project under the design/bid/build method or general contractor under design/build.  In short, we speak your language.  Additionally, our experience with a wide range of projects internally allows an extensive amount of additional data that provides contingency plans that allow for efficiencies not realized prior to tradeVET joining the effort.   “What are some examples of Risk Management that tradeVET excels in?” tradeVET staffs each project with a pedigree of professionals unmatched in the construction, architectural, and engineering industries.  We achieve this level of service and end product through staffing the “alumni” from leaders in the industry.  This expertise allows our team to integrate seamlessly with your team to ensure a multi-level QA/QC approach vs. an owner replying on the A&E firm to completely and effciently manage and deliver a project under the design/bid/build method or general contractor under design/build. “What is the rating all about? “ The tradeVET Rating is professional way of validating a contractor’s good standing.  With the economy seeing some very challenging times the construction industry needs further protection from those that can potentially take advantage of hard times.  With the additional of federal stimulus monies, it also is completely necessary.  No more guesswork.  As a long-time tradeVET partner said, “It’s not unlike the State Motto of Missouri.  Show Me.”  That being said, we validate the good standing of a contractor by means of ensuring a company has been in business for “x” years, they are properly insured, their legal standing and overall position is not marred by lawsuit after lawsuit.  Additionally, the tradeVET Rating serves as a barrier-to-entry for those contracting individuals/companies trying to take advantage of tough times.  Depending on the level of rating, the vetting can become deeper and this is often times driven by the size and scope of a project. "What does tradeVET mean by administration?" Administration refers to tradeVET gathering the required information and performing your version of vetting, rating and at times, pre-qualification.  tradeVET's service is offered well beyond just "doing the paperwork" for your organization.  tradeVET is most efficient tool for performing crucial compliance administration in the construction industry.  From gathering faxes, receiving e-mail from insurance brokers, calling licensing bodies to confirm standing, you name it, we perform it.  Our organization is chosen often times as we are not only more efficient but your firm does not need to be concerned about the manpower necessary to perform this task. "I am an retailer business that subcontracts to specific trades and I have been performing the background checks internally.  How can I tell if it makes sense, financially and otherwise, for tradeVET to perform the work now?" The largest trend and growth for tradeVET's business is as an outsourced partner.  Your business is to market your good and services, not perform background checks.  Your internal costs to perform the backgrounds compared to tradeVET are in most instances much higher as we are the most efficient means to perform these crucial checks.  Additionally, we perform these checks on a quarterly basis.  Most of our clients perform a check initially and "react" to anything that changes which costs you money and lowers your reputation if anything goes wrong.  Were you also aware that there is an option to outsource to tradeVET at absolutely NO COST to you?  Give our offices a call to learn more about the different outsourcing options. "What is the NO COST Option?" If you require the tradeVET Rating to perform work with your organization, we will perform this function at NO COST.  That's right, not a penny.  We will be paid for our services directly by the contractor.  Why pay for checking them out?  The contractors need to validate their good standing.  Why do that for them?  Simply require the rating in your contract as a line item and if they want to perform the work, they have to get a rating.  We perform the rating, package a detailed report and provide online access catered to your needs.  Everyone is protected, especially you.  It's that simple.  "I was reading about Level One, Two and Three.  Which one is appropriate for my business?" tradeVET has three separate rating levels as well as custom combinations for our clients to perform only what is necessary.  The Level One Rating covers most trade or specialty contractors as a means to quickly assess legitimacy and compliance.  Our Level Two Rating is more in depth and often times is driven by the client who wishes to understand your financial standing or other crucial operational components.  A common client for tradeVET are contractors performing on municipal projects or on a residential project that is multiple units or phases where your good standing is paramount to the overall project's success.  Our Level Three Rating is usually reserved for general contractors and construction managers and others that will oversee projects from $30M and up although a large piece of the Level Two Rating covers required due-diligence, vetting and subsequent rating for this level.  As a Chicago-based contractor recently told our offices, "you do not need a Ferrari to go get groceries." “How objective is the rating if contractors in most instances pay for their own rating?” Simple.  We only receive the basic from a contractor or construction firm.  tradeVET is a professional service whose entire mission and role is to validate, investigate and publish a rating that provides the facts on a contractor or construction firm.  tradeVET is not about trust.  It is about vetting, rating and at the end of the day, validation of good standing.  The contractor in most instances is driven to have the rating as a means to pre-qualify themselves as the end-customer is rarely versed on the specifics of the minimum standards a contractor must meet or exceed.  Further, it is the contractors and construction firms themselves who want to validate their good standing as there is nothing more irritating and honestly, more costly, then being low-balled by a firm that is not on your same playing field.  We have yet to have any contractor, ever, say that our rating does not have strong value when used properly.  The end- consumer, customers and clients all feel the same way.  They all want to be informed. “I have been in business for 35-years, run a good operation and have plenty of stellar references.  Why would I become rating and why is someone demanding it now?” The tradeVET Rating serves three purposes for the legitimate, good standing contractor.  One, the rating is a validation to your good standing while it establishes an even playing field for all contractors that bid on your same projects.  Second, by validating your good standing the tradeVET Rating will actually make you more money as the chances of a potential customer seeing a third-party rating streamlines the decision-making process, regardless if you are a residential, commercial or industrial contractor.  Third, taking the first and second points a step further, the industry needs protection.  In a down economy there is fraud & bad business that is driving insurance, supply house requirements and bidding processes to the extreme.  For the contractor and the end-consumer/client, the tradeVET Rating gets everyone thinking about the success of a given project vs. worrying about the type of groups that are bidding.  The tradeVET Rating pays for itself and our economy and the industry deserves further protection. “What happens if something comes back negative on the rating?” From time to time, the tradeVET Rating brings up information that is negative or questionable.  A recent example outlines an easy fix.  A company has changed its name three times in the last 15-years as new owners have purchased assets of a company.  The company, for the most part, offers the same services and has many of the same tradesmen and women.  They market themselves in bids as a business doing business as company XYZ Contracting, Inc. for 15-years.  That simply is not true and is misleading.  Since we validate all information from outside sources and professional representatives outside of the contractor, we are going to locate all the details, to the benefit of all parties, including the contractor.  That same contractor, teamed with our information, clarified the information with the client (A Chicagoland Municipality) and low and behold they were awarded the project over three unrated contractors.  The current owners went from being truly irate to understanding and now their rating is at the front of their marketing materials and bidding package. “I was putting together a bid on a job and read through the contract and they are asking for a tradeVET Rating even to bid.  Isn’t my word good enough?  I have done work in this town for the last 5-years!” With all due respect to our great contractor clients, no.  Businesses that have run well in the past can run in to challenges that make their standing potentially in question or fall outside the parameters of a bid.  Not dissimilar to our own personal credit, tradeVET serves as a point-in-time review to ensure that the solid performance you have had in the last 5-years is still a reality.  Of all the contracting companies we have ever rated, 98% have no problem with the rating as the rating itself is one of their strongest marketing tools.  Not unlike a proud child with a great report card, they want to show it off.  If the report is filled with low marks, there is some work to be done.  That is the beauty of the rating.  Make it an even playing field for everyone and if there is work to be done, highlight the areas and help out. “I was bidding on a build-out in the city the other day and three out of eight of us had tradeVET Ratings.  Two of us asked why the other firms did not have their ratings.  Should I have told the client about getting everyone rating since we were?” Good question and yes, the client needs to be made aware of having all the facts.  Also, in a recent survey of our base of rated businesses, the grand majority have proactively discussed the tradeVET Rating as a pre-bid requirement since the “good guys” were already rated.  Makes sense and taking it a step further, wouldn’t you want a client to keep on using you or referring your inner-circle of good standing, legitimate partners?  That’s the whole goal of tradeVET.  Get everyone on an even playing field.  You cannot win every bid but you sure can drive for a better process of weeding out the pretenders. "I have recently purchased a contracting business that I know needs a lot of work operationally.  Can tradeVET assist with getting my business up to the minimum standards?" Definitely.  tradeVET was constructed to protect the industry by in essence showing the contracting community the way to do things right versus cutting corners and hoping no one is watching.  At the end of the day running your business in a legitimate, compliant manner will gain you more work and increase your overall margins as potential clients will see that you are more organized than a non-compliant contractor that will "low-ball" your bid because they do not have your strong reputation.  Simply call our offices and we would be more than happy to assist. “I work predominantly in the city and market to my own people that often times do not speak English well.  Is the tradeVET Rating only in English?” No.  Given our roots in Chicago, one of America’s largest melting pots of ethnicities, we offer the tradeVET Rating in Spanish, Polish and Russian.  If your firm has a particular need please let us know.  We have even had recent requests for Arabic for work in the Middle East.  At tradeVET, we fully support a diverse contracting base of businesses.  In America, everyone comes from somewhere else. © 2009-2012 Tradevet, Inc. | SDVOSB | CAGE 5N2W2 | DUNS 831140087 (CONUS | OCONUS) FAQ’s Frequently Asked Questions Secure Client Login