1 - Eligibility

1.1    In order to join the Scheme:

1.1.1    You must have signed a Construction Contract that:

(a)    contains payment terms requiring or permitting the Paying Party to withhold a Retention;
(b)    contains terms stating the circumstances in which the Retention must be released by the Paying Party;
(c)    denominates the Retention to be in pounds sterling (£); and
(d)    provides for a Contract Sum of at least fifty thousand pounds (£50,000) before adjustments;

1.1.2    the Construction Operations to which the Contract relates must be carried out in England or Wales;

1.1.3    the conditions for the Final Release of Retention under the Contract must not yet have been satisfied;

1.1.4    the Paying Party must be able to send those payments from a pounds-sterling bank account, held in the Paying Party’s name at a Bank within the United Kingdom.

1.2    You can apply to join the Scheme if you are either a Paying Party or a Receiving Party.