fistech platform instructions

Step by Step Instructions

Overview

Data interoperability and Digital Ecosystems are enabled by utilizing standardized data sets like XBRL and FDX that can be exchanged by project stakeholders for multiple purposes.

From this website you can generate and submit data to create or retrieve surety bonds and applications for payment.

Access to data is limited to stakeholders that are a party to the agreement and/or surety bond.

Only the principal or surety broker can create a surety record, and only the principal can execute.

Only the principal or obligee can create a payment application, and only the oligee can approve it.

FISTech platform can import surety bond or applications for payment data that is exported from any system that supports XBRL or FDX. 

Request to register on FISTech

During the initial development of the FISTech platform all registrations will be done by FISTech.  Self registration will be enabled in a later phase.

Email FISTech and request to be registerd.

info@FISTech.co

Formation

All the entities engaged in a project form the digital ecosystem.

The Formation of Stakeholders Enables Digital Ecosystems

Digital Project Agreements as Data Sets Leverage Digital Ecosystems to Exchange Data

Digital Ecosystems are Continuously Formed by Project Stakeholders

Counter Party Formation

Individual Stakeholders engaged in the project are identified and their company and contact information secured to establish the Counterparty Formation Data Set

Agreement Formation

Stakeholders and key project details are identified for specific agreements to establish the Agreement Data Set

Surety Agreement Formation

Stakeholders are identified for specific surety bonds and the key data elements for the agreement secured

Surety Bond Data Set

Data from the:

• Counter Party Formation
• Agreement Formation
• Surety Agreement Formation

Application for Payment Data Set

Each moth the application for payment data elements are secured and made available to stakeholders as permissioned.

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Based on your login you will be able to create surety bond records that pulls fixed data from your company profile and contacts for surety broker and surety company and variable data from the agreement data set.

Data requirements are based on the surety document type 

Surety document types

• Surety Capacity and IDEA conformation.
• Bid Bond - Project Specific
• Bid Bond - Annual 
• Performance and Payment Bond
• Performance bond only
• Payment Bond only
• Supply Bond
• Decommissioning Bond
• Utility Guarantee Payment Bond
• PPA Performance and payment Bond.
• Consent of surety to change bond data.

Based on your login you will be able to import surety bond records where you are a counterparty

Based on your login as a Principal, and prior applications for payment already recorded, you will be able to create a monthly application for payment request that pulls data from the prior application.

If you are the prime contractor, the obligee/counterparty is the project owner

If you are a subcontractor or supplier, the obligee/counterparty is the prime contractor.

That new monthly application for payment is then available to the obligee to approve or communicate modifications for an approval that is mutually agreed upon.

Once the application for payment is authorized by the obigee, the data record is locked and cannot be edited.

Only authorized applications for payment are viewable or retrievable by other project stakeholders as their permissions provide.

Based on your login as a Principal, you will be able to import payment application records where you are a counterparty

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