- With hourly projects, the system works like a pre-paid card. You and the Vendor agree on the number of hours required each week and the total length of the engagement. Based on the agreement, you would be required to fund the account for the agreed weekly hours at the beginning of each week. At the end of each week, you will receive the corresponding timesheets from the vendor detailing their work. Once you approve the timesheet, the corresponding payment is made to the Vendor.
- On fixed-price projects, you have the option of dividing a large project into agreed-upon milestones. Before each milestone begins, you must fund it for that portion of the project. Once a milestone is completed by the service provider, you review and approve the work. Once approved, Varselor releases the corresponding payments to the Vendor.
Besides, Varselor offers project assurance, project management, and dispute resolution services to mitigate project risks and delays.