Managing Vendor Security Accounts

A vendor may use securities in lieu of retainage as a method of assuring that subcontractors will be paid and that the job will be completed. If securities are to be used, the vendor's security accounts must be recorded in the system before the first contractor payment estimate is created.

The Security Accounts tab on the Vendor General Summary component contains a list of all the recorded security accounts for the vendor. Each row contains an Actions button and current values for the following fields:

To change information in a security account record, click anywhere in that row. The system highlights the row in blue. Click in any of the fields listed above and add or change information as required.

The following information is also provided for reference purposes, but cannot be changed:

To add a new security account for the vendor, click the New button. The system adds a new row at the bottom of the list of security account records. All fields in the new row are blank. To create a security account record, you must enter information in all fields that display a red asterisk.

To delete a security account, select Delete from the Actions menu on the security account's row.

Note: You cannot delete a security account if any portion of its balance has been encumbered for retainage.

When you are finished making changes to security accounts for the vendor, click the Save button to apply your changes (including deleted information). The system displays a message to confirm that your changes were saved in the database.

To view or maintain more information in a security account record (including transactions and other contracts associated with the security account), select Open from the Actions menu on the security account's row.