IPEX gives subcontractors visibility over progress payment process
The IPEX Payment Platform limits what Builders can do with Developer funds, ensuring that progress payments are used only to pay approved Sub-Contractors & Suppliers linked to a specific project.
Importantly for Sub-Contractors, IPEX proportionally releases preliminary cost & margin to Builder with every dollar paid out of the IPEX Project Account, giving Builders an active incentive to distribute funds quickly rather than withhold payments.
All Sub-Contractors & Suppliers submitted via the Builder are onboarded via fully compliant KYC (Know Your Client) & AML (Anti-Money Laundering) protocols, flagging unregistered/deregistered companies as well as those potentially ‘related’ to the Builder. IPEX actively works to prevent direct payments being made to anyone not involved in the project
Should your Builder become insolvent in the midst of a project, any unallocated funds remain in the IPEX Project Account, allowing the Developer or replacement Builder to step in & process any payment due for work completed.
As IPEX prevents project funds being diverted to other projects, Builders who need to ‘buy’ a project will not bid. IPEX encourages contracts being awarded to legitimately priced bids with responsible margins built in which again, greatly reduces the potential for an insolvency event.