Protect Your Client
By securing payments for their builder in advance, with the funds ready to be released once the work is completed, the client greatly reduces the payment time giving the builder incentive to prioritise their work. The client also has the option to specify that sub-contractors payments are secured in advance with CheckVault too, which gives the client the peace of mind of knowing that all of the money they pay has the certainty of going to the contractors who are doing the work on their job.
Negotiate Better Prices
By securing (but not paying) their builder in advance, many will offer a discount. With CheckVault you can take advantage of those prices, without losing control of the money. Only when both parties are satisfied are the funds released by our partner, Perpetual Corporate Trust Ltd (“Perpetual”). Securing the funds with a trusted financial institution helps protect your client from builder insolvency, whilst giving the builder a strong incentive to complete as quickly as possible.
Zero Cost – Zero Risk
CheckVault is available exclusively through CheckTender. Both CheckTender and CheckVault are totally free for all parties. That means you, your clients, builders, contractors and suppliers are all able to get the benefits without the risk.
As Progressive And Innovative As You Are
CheckVault is changing the way construction is done. We are bringing tendering online and simplifying payments in a way that’s never been done before. Our vision is to see all those involved with construction protected so they can get on with what they do best, and in doing so help you bring your vision of designs to life.
See how it works
Why choose CheckVault
- Feel safe knowing you are secured
- Maintain control for sellers and buyers
- Easy management of transactions
- Take the risk out of pricing
- A revolution in payment security
Flexible Security
Together, CheckTender and CheckVault help you divide contracts into as many progress or part payments (“milestones”) as you want, with the flexibility to vary those payments. Milestones can be date driven or at completion of a set of terms, allowing you total flexibility.
You can secure in advance for periodic payments, such as a monthly progress payment, or at the completion of a defined event, like the ground floor concrete slab or as a deposit for materials that will only be released once the goods arrive on site. Negotiate exact terms with your client, builder or supplier all online, so you’re in control.
Retentions, Deposits & Variations
We have partnered with ANZ bank and Perpetual so money is held by a third party with quick release upon mutual approval. No more costly bank guarantees or aggravating trust accounts. Both the client and builder are protected. If CheckVault has been stipulated in all contracts, deposits are not made direct to the supplier. Instead money is held securely in CheckVault and can be scheduled for release once materials are on site. Variations can be recorded and payment secured in advance before any work is done minimising disputes or miscommunication so clients know they won’t be hit with unexpected surprises. The flexibility of CheckVault means you can use it as much or as little as you like.
Fast, Free and Effective Tendering
You can access CheckVault exclusively through CheckTender. CheckTender offers you a platform to find and negotiate potentially thousands of trades in real-time, for zero cost. The system is cloud based, so you can log on and find new opportunities from anywhere, anytime. You’ll also be able to view and negotiate all aspects of your contracts online, post comments, upload variations, and request or approve payments.
You Control Access
You control the information. You can invite others within your organisation to collaborate on the project with you and assign permissions for important actions. You can also choose to create public tenders to access a greater range of quality suppliers than ever before, or restrict tenders to only those you’d like to invite – preserving the good relationships you’ve already built. How you use these tools best for your business and your clients is up to you.
Win – Win
CheckVault protects your clients and helps you protect their vision. The client has the peace of mind that comes from knowing their project will proceed as planned and on time, and you are free to bring your design to life!