SECURE, CERTAIN & TRANSPARENT
CONSTRUCTION PROGRESS PAYMENTS AND RETENTIONS
CheckVault provides businesses with a secure and seamless way to manage construction progress payments and retentions.
All retention payments are held as cash in a segregated account controlled by Perpetual.
Payments are verifiable online in real time. All client data is held in Australia and covered by Australian privacy laws.
We are an independent Australian financial and IT services company providing a credible and independent service.
We hold an Australian Financial Service license issued by ASIC, and are a remittance provider registered with AUSTRAC.
Our cloud based system can be accessed anywhere you have internet. We also provide alternative access methods upon request.
We provide extended local phone & internet support when you need it most.
What we offer
A complete end to end solution
- End to end online management.
- Access to documentation, payment history and reporting.
- Real-time updates on the status of retention payments.
- Range of payment options including credit card and BPAY.
- Fast settlements – funds credited within two business days.
- Extended local customer support available from 7:00-19:00.
- A credible, and regulated service to protect your progress payments and retentions.
A more robust way to process payments
What are Project Bank Accounts?
Project Bank Accounts (PBAs) are an account where the principal makes payments directly to a head contractor and subcontractors. The PBA is opened for each project and is a trust account whereby any monies held in the account are held for the benefit of beneficiaries of the money (including subcontractors).
The use of PBAs has gained traction within the governments of Western Australia and New South Wales as well as at Federal level. Both the Western Australian and NSW governments are currently trialling PBAs across a number of government construction projects over a 2 year period and the Federal Senate Economic References Committee has recommended the use of PBAs on federally funded projects. If successful, then they may become a mandatory requirement across all construction projects.
The Queensland Department of Housing and Public Works is currently seeking submissions on the introduction of PBAs for all construction projects (not merely government projects).
HOW DOES A PBA OPERATE?
Generally, a PBA will operate as follow:
- Tender documents will generally specify the requirements for the PBA.
- The head contractor opens the PBA and is also responsible for its operation, which is governed by a trust deed.
- Before the principal pays any amount identified in a payment schedule as being payable, the head contractor is to provide an authorisation to the principal setting out:
(a) any amount due to subcontractors;
(b) amount due to the head contractor; and
(c) any subcontract retention amount.
- Once the authorisation is signed by the principal, the sums identified in the authorisation are paid to the parties, and in the amounts, identified in the document