Subcontractors often face the challenge of getting paid for the work they do. From juggling multiple projects to working for a new client, keeping track of progress payments and money owed can quickly get out of hand, and money can get lost in the mix.
In these cases, IPEX’s transparent and entirely traceable project bank account establishes a newfound level of trust and accountability so that everyone involved knows exactly where the project stands financially at all times. This way, you can be confident that you will be paid for your work.
If a job goes bust or funds are misappropriated, subcontractors are most often the ones who suffer the losses. This is particularly true in the construction industry, which holds the highest percentage of insolvency of all industries in Australia.
In these cases, it is not uncommon for subcontractors to be left high and dry without getting paid for their work. This can be a huge financial loss and put subcontractors out of business.
With IPEX, your payments are held in a secure project bank account that can only be distributed to verified subcontractors and suppliers. This level of transparency builds trust between all parties involved and helps ensure that subcontractors’ payments are dealt with fairly, reducing the risk of them being left out of pocket.
In addition, IPEX’s retention fund transparency gives you visibility into the funds being held for your project. This way, you can have peace of mind knowing that your progress payments and retention funds are held securely.
We are committed to building trust in the construction industry by providing a secure and transparent platform that supports the success of all involved.
For most construction projects, 5-10% of a project payment is held in a retention fund as a form of security for head contractors and developers. This fund is not released until the project is complete and the handover finalised.
A major problem for subcontractors across the construction industry is that retention funds are not always released. This can significantly impact subcontractors’ cash flow and profitability and result in a lack of trust between head contractors and subcontractors.
IPEX’s retention fund management feature provides an accurate record of retention funds on your project. This enables subcontractors to take action quickly if they believe their retention payments are unfairly withheld.
With IPEX, retention funds are held in a secure project bank account that can only be distributed to the verified subcontractors and suppliers. This level of transparency builds trust for all parties involved and helps ensure that subcontractors’ payments are transparent, traceable and secure.
IPEX provides a number of security features to protect subcontractors and their payments. These include holding payments in a secure account, only distributing payments to verified subcontractors, and providing visibility over the retention funds held for your project.
Yes. IPEX’s platform provides an overview of all payments distributed across multiple projects and the retention funds held for each project. This gives subcontractors a clear picture of their payments and helps ensure they are paid fairly and as promised.
The IPEX platform holds all project payments and retention funds in a separate account that can only be distributed to verified subcontractors. This provides a high level of security and transparency for subcontractors in the event that project claims are delayed or disputed.
IPEX’s platform provides real-time visibility into all payments and retention funds, and subcontractors are notified when the project payments have been processed.
Late or disputed payments can be a real challenge for construction subcontractors.
IPEX’s secure online platform for the fair and secure distribution of project funds gives
subcontractors the peace of mind they need to focus on delivery,
without worrying whether they’re going to get paid.