In these Rules, the following terms will have the following meanings:
a bank or building society but not an Electronic Money Institution (EMI), Authorised Payment Institution (API) or Small Payment Institution (SPI).
The rate of interest for interbank lending set from time to time by the Bank of England.
Any corporate entity or individual which, in respect of another corporate entity, owns or controls 25% or more, has the right to appoint or remove a majority of the board of directors, has the right to exercise a dominant influence over that entity or oth ...
Monday to Friday inclusive, excluding any day generally recognised as a public holiday in England.
Means the compliance requirements to which the Scheme is subject from time to time, whether by law or voluntarily.
Confidential information disclosed or otherwise made available by or on behalf of a party (in whatever medium) including all trade secrets and, in respect of an individual Employer, the identity of that individual Employer.
An agreement by which one party is required or permitted to: Carry out Construction Operations; Arrange for other people to carry out Construction Operations; Provide labour for the carrying out of Construction Operations; Provide architectural, des ...
For the purposes of these Rules, a Construction Operations means work falling into one of the following categories: construction, alteration, repair, maintenance, extension, demolition or dismantling of buildings, or structures forming, or to form, par ...
has the meaning set out in Pre-qualification Information Paragraph 1.1.1 (and such meaning will include any Tier 1 Contract or Subcontract).
See Pre-qualification Information Paragraph 2.8.
The total anticipated contract price to be paid by the Paying Party to the Receiving Party under the Contract, excluding any VAT, as may be adjusted in accordance with the Contract.
Has the meaning given in Pre-qualification Information Paragraph 2.2.2, as supplemented or amended from time to time by the Compliance Requirements.
The party required or permitted to withhold and ultimately pay over a retention under a Subcontract.
The Data Protection Act 2018 and the retained EU law version of the General Data Protection Regulation (EU) 2016/679.
The bank with which we hold Contract Accounts into which Retentions are deposited.
The party required to withhold and ultimately pay over a retention under a Tier 1 Contract.
Means England and the territorial sea (as defined in Section 1 of the Territorial Sea Act 1987) adjacent to England.
The date established under the Contract in respect of each payment to be made by the Paying Party by which that payment must be made.
The last payment of Retention by the Paying Party to the Receiving Party to be made under the Contract.
Has the meaning given in Pre-qualification Information Paragraph 2.2.1, as supplemented or amended from time to time by the Compliance Requirements.
Has the meaning given to it in section 113(2) of the Housing Grants, Construction and Regeneration Act 1996, provided that where a party to a Contract comprises two or more individuals or entities acting jointly, that party will not be deemed insolvent fo ...
A notice issued under the Contract confirming the Paying Party’s intention to pay the Receiving Party less than the sum stated in a corresponding Payment Notice.
A notice issued under the Contract that establishes a sum due for payment to the Receiving Party.
An Employer (in respect of a Tier 1 Contract) or a Contractor (in respect of a Subcontract).
The Pre-Qualification Information as may be in force from time to time which sets out qualification requirements for joining the Scheme, and the basis on which applications to join the Scheme will be made and processed.
A Tier 1 Contractor (in respect of a Tier 1 Contract) or a Subcontractor (in respect of a Subcontract).
A period of time following the completion of the Work under the Contract during which the Paying Party may continue to hold a portion of the Retention.
A Tier 1 Retention or a Subcontract Retention.
These Rules, as may be amended from time to time.
Any laws or regulations relating to economic or financial, trade, immigration, aircraft, shipping or other sanctions, export controls, trade embargoes or restrictive measures from time to time imposed, administered or enforced by a Sanctions Authority or ...
The government of the United Kingdom, the Council of the European Union, the United States of America, the United Nations (UN) and in each case their respective governmental, judicial or regulatory institutions, agencies, departments and authorities respo ...
The retention deposit protection scheme operated by us in accordance with these Rules.
A Construction Contract that has been accepted into the Scheme using the process in Pre-qualification Information Paragraphs 2.11 and 2.1.2 as a subcontract of a Tier 1 Contract that has already been accepted into the Scheme.
A Contract Account relating to a Subcontract.
A retention that is required or permitted to be withheld under a Subcontract.
The party that will ultimately become entitled to payment of the retention under a Subcontract.
In respect of a Tier 1 Contract, all of the Subcontractors under Subcontracts linked to that Tier 1 Contract.
A Construction Contract that has been accepted into the Scheme as a top-level contract, and not as a Subcontract.
A Contract Account relating to a Tier 1 Contract.
The party that will ultimately become entitled to payment of the retention under a Tier 1 Contract.
A retention that is required or permitted to be withheld under a Tier 1 Contract.
Great Britain, Northern Ireland, Jersey, Guernsey and the Isle of Man.
Means an individual linked to a Contract Account. Such individuals may have permission to act on the Contract Account, or simply have read-only access for reporting and administrative purposes.
Value Added Tax.
Means Wales and the territorial sea (as defined in Section 1 of the Territorial Sea Act 1987) adjacent to Wales.
DOS & Co. Ltd., a company registered in England and Wales with company registration number 08294966, having its registered address at 56 St. George’s Square, London SW1V 3QT.
You, being an individual or entity that is a party to a Contract that has been accepted into the Scheme according to its Rules.
Any work that must be carried out by the Receiving Party under a Construction Contract.