SUB-CONTRACTORS
Sub-Contractors on major construction project often experience cash flow pressures while waiting to receive progress payments for approved completed work from the General Contractor. The TessPay Fintech Platform can accelerate cash receipts through working capital invoice financing obtained from funders comfortable with construction projects.
Construction Services
Construction Projects
Use of the TessPay Fintech Platform in large infrastructure, commercial, and industrial projects mitigates risk to Lenders and Developers. Complex projects typically involve multiple participants with numerous payment interactions, which can create uncertainty for both Lenders and Developers. The TessPay Fintech Platform offers greater project transparency and financial control at all stages of construction.
Smart Contracts
The TessPay Fintech Platform deploys linked Smart Contracts to assure Lenders and Developers that progress payments are made only when work has met programmed conditions. Smart Contracts are self-executing provisions with the terms of the agreement between General Contractor and Sub Trade or Supplier being directly written into lines of code. Smart Contracts mean that payments are triggered when predetermined documented conditions are met, ensuring that payments are only made when work is completed satisfactorily.
The Platform for Lenders
The TessPay Fintech Platform adds to project transparency and security by maintaining blockchain based accurate records of work completion, change orders and payment authorizations. Lenders and Developers are afforded greater insight into the progress of the project and can be assured that payments are being made in a timely and secure manner.
