diff --git a/certora/README.md b/certora/README.md
new file mode 100644
index 0000000..5c8f986
--- /dev/null
+++ b/certora/README.md
@@ -0,0 +1,64 @@
+# Formal Verification of Vault
+
+All funds in Codex are handled by the Vault contract.  This is a
+small contract that separates funds for different users and checks
+that accounting is done correctly.  In addition it allows the users
+to withdraw their funds after the locks expired, even if the main
+contract breaks.  Thus it gives users a guarantee they can always
+access their funds.
+
+This guarantee requires that the accounting the Vault itself does
+is correct.  This is the goal of the verification project.  It
+formally proves several properties of the Vault contract.
+
+## Usage
+
+Install the Certora Prover.  Then run the verification with
+
+certoraRun certora/confs/Vault.conf
+
+## Properties
+
+We check several properties for the Vault contract:
+
+1. The current lock expiry time is always less or equal the lockMaximum.
+2. The available balance of each account is large enoguh to cover
+   the outgoing flow until the maximum lock time.
+3. The sum of all incoming flows equals the sum of all outgoing flows.
+4. The sum of all expected funds (as defined in property 7) is always less
+   than or equal to the current balance of the contract. 
+5. Before a fund id is locked and flows can start, there is never an
+   outgoing flow for any account in this fund.
+6. The last updated timestamp for flows in each account is never in 
+   the future and always on or before the lock time.
+7. The expected funds for each account is the available balance plus the
+   dedicated balance plus the incoming flows minus the outgoing flows
+   from the last time updated until the end of the flow (either lock
+   time or freeze time).  These funds are always non-negative (i.e. no
+   account can be in debt to the protocol in the future due to outgoing
+   flows).
+
+The forth property (solvency) is the main property we need to show to
+guarantee that the funds are accounted correctly.
+
+## Limitations
+
+We prove the solvency invariant only for a standard ERC20 token as
+implemented in the OpenZepellin library.  In particular, the contract
+assumes that transfering tokens work as expected, that no fee is taken
+by the token contract and that no unexpected balance changes can occur.
+
+To prove that changing the lock time or freezing the funds does not change
+the funds required by the contract, we cannot use the Certora Prover itself
+ as the underlying SMT solvers cannot natively reason about sums over
+all elements in a mapping.  Instead we add this as an assumption to the
+specification and argue its correctness property manually as follows.
+
+Changing the lock time or freezing the funds will change the expected
+balance because the time where the flows end changes.  It will change the
+expected funds of each account by `timedelta*(incoming - outgoing)` where
+`timedelta` is the difference of the previous and the new end time of
+flows.  So the sum of all expected funds is changed by 
+`timedelta*(sum of incoming - sum of outgoing)`.  This is zero because
+of Property 3.
+
diff --git a/certora/confs/Vault.conf b/certora/confs/Vault.conf
index f15730c..4cb4bcb 100644
--- a/certora/confs/Vault.conf
+++ b/certora/confs/Vault.conf
@@ -17,4 +17,5 @@
     "loop_iter": "3",
     "build_cache": true,
     "solc": "solc8.28",
+    "prover_version": "master" // remove with next Certora release
 }