Payment transparency
Protection for developers
IPEX
Prevent your funds from being used to cashflow other developers projects
You can quantify progress onsite & track how much you’ve paid against each trade, but developers are completely in the dark on perhaps the most important part of this equation; how much (if any) of those progress payments have been distributed to the subcontractors & suppliers that did the work?
IPEX helps developers to link progress to payment; with real-time visibility over who has been paid (& who has not), you can now prevent liabilities from quietly accumulating on your project.
Project protection
The QS tells you how much work’s been done, IPEX tells you if it’s been paid for
Cost to Complete remains the fundamental metric in construction funding risk reporting, but it has one structural limitation – it recognises costs when progress is certified & assumes that payment to subcontractors & suppliers follows.
Of course, it often doesn’t.
Although the QS assessment sits at the centre of critical funding decisions each month, the reality is that your Cost to Complete forecast is only as reliable as the ‘stat decs’ behind it.
IPEX is an online payment platform that helps developers to:
- validate ‘Cost to Complete’ forecasts against actual cash outflow
- identify & resolve subcontractor payment issues before further claims are approved
- detect funding gaps before they become defaults
Using IPEX
Additional benefits for developers
IPEX software
Additional payment controls for high(er) risk project scenarios
Developers 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
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
$2B+ in funds protected and counting
Access transaction history under a ‘Payment Default’ event
- All transactions made via IPEX are documented, providing a clear audit trail should the builder enter administration
- Developers & lenders receive immediate and full details of subcontract values & account transaction history in a payment default/external administration event, allowing prompt execution of an effective remedial response
Testimonials
What our customers have to say
