IPEX

The QS certifies progress, not payments

Cost to Complete forecasts ignore certified but unpaid claims.

IPEX helps developers & lenders link payment to progress. With real-time visibility over who has been paid (& who has not), you can now prevent liabilities from quietly accumulating on your project.

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Payment verification

Trusting Cost to Complete requires verification of progress AND payment

Cost to Complete recognises costs when work is certified & assumes that payment of the subcontractors & suppliers reliably follows.

Of course, it often doesn’t.

Without alignment between progress & payment, unpaid work can accumulate without changing the reported Cost to Complete position. This gap will remain hidden until it becomes loss, ultimately to be funded by the developer and/or lender.

*Standard developer portal view shows payment values as % of contract value / Open book developer portal view shows exact payment amounts.

Detect funding gaps before they become defaults

IPEX combines legal protections with practical controls, helping developers & lenders to:

  • avoid engaging builders’ that are already in financial distress
  • validate Cost to Complete forecasts against actual cash outflow
  • identify unpaid subcontractors & suppliers & resolve payment issues before further claims are approved

Payment transparency creates a natural ‘go/no-go’ checkpoint each month: risk is capped to a single payment & serious or repeated breaches can be acted upon before losses compound. All transactions are documented, providing a clear audit trail should the builder enter administration.

Builders are typically not required to reveal commercially sensitive information* like subcontract values, payment amounts or their margin, making acceptance of payment transparency by ‘solvent’ builders a non-issue.

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* Standard developer portal view expresses payments made to each subcontractor & supplier as a % of contract value. Open book developer portal view shows subcontract/payment values.

*Standard developer portal view shows payment values as % of contract value / Open book developer portal view shows exact payment amounts.

Using IPEX

Practical outcomes for developers

Avoid engaging builders’ that are already in financial distress

‘Silo’ funds paid to your project from all others linked to your builder

Validate Cost to Complete forecasts against actual cash outflow

Identify resolve payment issues before further claims are approved

Escalate oversight & control should repeated/serious payment breaches occur or in a ‘financial distress’ event

Provide a clear audit trail should the builder enter administration 

No change to builder processes & no impact on builder payment

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IPEX software

Additional protection for higher risk scenarios

Developers/lenders can also negotiate the inclusion of additional payment controls on a project if deemed necessary:

These include:

  • removing builder access to subcontractor/supplier entitlements
    requiring developer/lender approval for all builder withdrawals
  • requesting open book access for related-party groups or high value subcontracts
  • requiring co-approval of all payment files, including amounts paid to subcontractors & suppliers
  • blocking further payment to subcontractors & suppliers once they have finished onsite/been paid 100% of their contract

Developer protections and rights

Industry-standard processes
IPEX monitor logo
IPEX Logo

Require the builder to submit a ‘stat dec’ confirming they’ve paid all relevant subcontractors & suppliers

Access to subcontractor & supplier payment information allowing validation of builder ‘stat dec’

Ability to identify non-payment of relevant subcontractors/suppliers  before approving subsequent claims

Ability to limit builder access to subcontractor/supplier portion of each progress payment

Make builders’ payment conditional on the ‘on time & in full’ payment of subcontractors & suppliers

Developer right to escalate transparency & control under ‘financial distress’ / payment default events

Developer right to access full account transaction history in a ‘financial distress’ / payment default event

Use cases

Who benefits

Developers

Reduce the risk/impact of builder insolvency. Deter distressed builders from tendering and protect your project against future builder cashflow issues.

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Builders

Leverage your strong financial position into more contracts and better commercial terms without sharing commercially sensitive information.

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Lenders

Prevent loaned funds from being diverted to other projects linked to your builder (or developer). Reduce risk and automate oversight for developer-builder lending.

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Project managers

De-risk builder recommendations and identify non-payment of subcontractors/ suppliers immediately. Reduce reputational risk while maximising the chances of successful project delivery.

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Subcontractors and suppliers

Work for builders who won’t risk your entitlements to cashflow other projects. Reduce your risk of non-payment in the event of builder insolvency.

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Construction lawyers

Add practical controls to existing legal protections. Best practice risk mitigation for your property developer clients.

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Testimonials

What our partners say

"At Frasers, we take our commitment to every project, and every investor, builder, subcontractor, supplier, and customer we work with seriously. That means putting in place financial frameworks and processes to ensure that every dollar is used for its intended purpose, and there is full accountability and transparency over the budget for a project.” “We’re so excited about the Encompass development, which has a real ‘wow’ factor, and through IPEX we’re better positioned to deliver the project securely and successfully.”
Sarah BloomGeneral Manager Development Victoria
Frasers logo
“We have many great, long-standing relationships with developer-builders, but there’s no question that this model can add an element of risk for us as financiers. Managing this additional risk can also create a great deal of extra admin for both parties. IPEX allows us to automate payment oversight & integrity checks, delivering better governance, earlier risk detection and enhanced investor confidence.”
Henri HinesSenior Portfolio Manager
Trilogy Funds logo
After a year of utilising the IPEX platform on one of our key commercial construction projects, the experience has been overwhelmingly positive. The platform’s user interface and our customer service experience have exceeded our expectations, significantly bolstering the security and efficiency of our collaboration with the builder. The adoption of IPEX has been embraced by the builder and & it provides additional comfort to trades particularly with the current construction industry challenges.
John VickersDirector
Ingwe capital logo
“Based on our experience IPEX should be mandatory. It is now an integrated and essential part of our governance. It’s delivering a new standard of providing trust downstream to our subcontractors and suppliers that they’ll be paid and upstream to our clients and the financial institutions funding these projects.”
Ken O'ConnorDirector
Balmain & Co logo
"From the moment I understood what IPEX provided I had no hesitation in introducing it to BlueScope. With such a major capital works project it was clearly a very prudent risk management tool. With hundreds of millions of dollars being paid to suppliers and subcontractors through major contractors, securing certainty that monies were being delivered into the accounts of the substantial number of subcontractors and suppliers was critical.“
Steve ChandlerCEO
Lefta logo
“IPEX delivers the security of funds subcontractors need on projects. Everyone prices risk into jobs; however, with the IPEX concept, there is a reduction of payment risk, which should translate into a more competitively priced trade insurance outcome. It’s really in everyone’s best interests in the long run to use IPEX.”
Sam LeslieGeneral Manager
Nash logo
“Once we were aware of IPEX and decided to implement this new standard for project payments, it was a seamless onboarding and end-user experience. It reduces risk and addresses trust and relationship building in one platform. This will put us in a powerful position as the demand for construction labour increases.”
Rob MoolmanManaging Director
kervale logo

Manage Distressed Projects to completion without paying subcontractors and suppliers directly

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IPEX prevents your payments from being used to cashflow other project/s linked to your builder – only subcontractors and suppliers working on your project can be paid out of the project account.

Making any agreement to contribute additional funds conditional on the use of IPEX is the safest way forward. By agreeing, builders are confirming that their request is genuine (a payment through IPEX doesn’t help their position on any other project), whilst developers gain transparency and certainty over how funds are spent for the remainder of the project.

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In addition to ‘ring-fencing’ funds to your project, IPEX can also further limit how funds can be distributed by the builder down to isolating a specific subcontractor or supplier that those funds are owed to; funds deposited into the IPEX account can only be paid to that entity.

This is ideal for payment of supplier deposits or specific overdue invoices – the developer/lender can ensure funds reach the intended recipient without the risk/admin involved with having to step in and pay them directly.

Once all payments associated with the ‘variation’ request have been made, these controls can be removed.

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Should a ‘payment default’ event occur before completion of an IPEX protected project, the impact to developers and lenders is minimised as:

  • Any payment made to the builder via IPEX has either been distributed to approved parties or remains in the account
  • The developer can replace the builder as trustee of the project funds, gaining full visibility of all previous transactions and the ability to make payments directly to subcontractors/ suppliers, minimising delays to practical completion
Case studies

Customer success stories

Winim

Winim

Developer WINIM can now see that progress payments are going where they should; credits platform for removing key delivery risk…

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Bluescope and Frasers success story

Bluescope & Frasers

ASX-listed BlueScope and real estate manager Frasers Property have moved to protect $400M+ in funds set to be spent on upcoming projects behind the IPEX payments platform…

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Balmain & Co

Balmain & Co

Why would a builder pro-actively offer to ‘ring-fence’ project funds & provide subcontractor payment transparency? We ask leading commercial builder Balmain & Co….

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See how IPEX works; reduce risk without changing industry-standard processes

IPEX helps everyone get paid what they’re entitled to without changing subcontractor/builder claim or QS certification processes.

With IPEX, subcontractor and supplier payments can be validated against each certified claim, allowing non-payments to be identified & addressed before further payments are approved.

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