CASE STUDIES:
NASH PROJECT
MANAGEMENT

CHALLENGE: BETTER RISK MANAGEMENT

With its leading project management role in some of the country’s most high-profile high-end residential developments, Nash Project Management assesses monthly progress claims for the contracts it manages. With some projects employing a Quantity Surveyor and some not, a heightened risk remains on the company’s Professional Indemnity insurance. Each month it had to manually assess claims, provide the superintendent’s payment certificate and payment schedule in accordance with the Security of Payments Act to recommend the level of payments for the head contractor. Clients and principals effectively rely on Nash Project Management to get payment schedules right and not expose them to any undue risk.

SOLUTION: ISOLATING AND PROTECTING PROJECT FUNDS

Nash Project Management selected IPEX for an upcoming project that was ideal for providing extra peace of mind for project payments. With an overseas-based financier, the project needed additional security around transferring funds and how those funds were being allocated and paid to trades. In effect, IPEX established a new benchmark for risk for the project.

THE BENEFITS

With an active client base, Sam and the team are responsible for all facets of each project – from design through to contract management phases. It relies on its contractors to operate software platforms to streamline project construction and manage progress claims and more internally. 

Today by relying on IPEX for securing project payments for subcontractors and suppliers, it has automated and streamlined another critical phase in the entire delivery cycle of projects. For Nash Project Management, IPEX provides greater peace of mind and helps reinforce a stronger sense of trust in the payment process.

“In this type of market where we see increasing insolvency rates, IPEX delivers greater confidence that a specific project will better manage the payment of funds for that specific project. IPEX seamlessly manages the throughput of funds, and this is a bonus,” outlined Sam.

Nash Project Management has a robust process to manage payments for each project. “There is no need for us to deal directly with subcontractors for payments – that’s the role of the builder. With the transparency of IPEX, we can understand when payments are being made – and it alerts us to any delays or the withholding of funds for any reason. This means we are on the front foot before problems arise and can step in if needed to resolve payment issues.”

Now Nash Project Management has a fully accountable project payment benchmark; it intends on including this in its tender process moving forward. 

“Adding IPEX to our governance standards for payments means we are also fully compliant for any security and fairness of payments legislation. There are state-based initiatives to roll out new standards, and with IPEX, we are compliant with incoming payments legislation.”

Nash Project Management believes IPEX is easy to use and simple in its design. It ultimately makes the project management of finances simpler. 

“Using IPEX is in the best interests of subcontractors as they want their funds secured in a project. They must know the funds will be used to pay them and not be used elsewhere,”
Sam continued.

Nash Project Management believes it is a matter of time before builders – traditionally used to deciding how and when they allocate project payments – see the benefits of the IPEX platform. 

“The IPEX interface is pretty much instant, and that is a benefit for all parties. The user-friendly and transparent platform means it is easier than ever before to manage and administrate project payments without employing more people and buying more software. As compliance levels increase state by state, this is going to be another cost of doing business – IPEX is a great win/win for everyone.”