What is a construction trust?
A construction trust is a type of trust created in the state of Washington in order to facilitate construction projects. A construction trust is a contractual agreement between the contractor, the owner, and any other related parties. This agreement states that the contractor will set aside funds from the construction project in a trust to be used to pay for labor, materials, and other related costs. This creates a financial security for the contractor, the owner, and any other related parties involved in the project. This trust also ensures that payments are made on time and that any disputes that arise during the construction project are resolved in a timely and fair manner. A construction trust provides security for everyone involved in a construction project and is an important tool for ensuring that projects are completed on time and on budget.
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