Whilst the logic behind the request for a ‘stat dec’ is sound, the process itself is less so, relying entirely on the assumption that declarations are always being made truthfully. If even a small minority are willing to sign off without genuine confirmation of payment distribution or worse, deliberately submit a false or misleading declaration, the utility of the entire process is diminished.
IPEX allows Developers to confirm who has been paid & when before approving further progress claims, whilst open book configuration provides access to the complete account transaction history: who, when, how much and percentage paid against the Builder-entered contract value.
IPEX is an online payment platform that secures Developer/Lender funds intended for a project, protecting them in the event of Builder insolvency.
IPEX software integrates with a dedicated construction project bank account to ensure that progress payments are used only to pay approved Sub-Contractors & Suppliers linked to that specific project. IPEX provides Developers with visibility over who has been paid & when, without sharing a Builders’ commercially sensitive information.
Whilst IPEX protects Developer & Sub-Contractor payments, it also helps financially secure Builders to validate their money management practices, differentiating their bid from competitors in the process.
Should your Builder become insolvent before completing an IPEX Project, the impact to Lenders & Developers is minimised as: