2 - Registering for an Account
2.1 In order to join the Scheme, you will first need to complete our online registration form. The first time that you use the Scheme, you will need to provide information about yourself (or the company that is being registered for the Scheme), and also the Contract.
2.2 The personal or company details that you will need to provide upon first registration are:
2.2.1 For each individual (‘Individual KYC’):
(a) Proof of your identity (including your full name and date of birth);
(b) Proof of your current home address.
2.2.2 For each corporate entity or trust (‘Corporate KYB’):
(a) Proof of its incorporation and ongoing existence;
(b) Proof of its current constitution;
(c) Details of its corporate structure;
(d) Proof of its current officers;
(e) Proof of its current ownership structure;
(f) Details of its jurisdictions of operation;
(g) Details of the nature of its business;
(h) In respect of each director, trustee, protector, beneficiary and/or individual Beneficial Owner, Individual KYC; and
(i) In respect of each corporate trustee, officer and corporate Beneficial Owner, Corporate KYB.
2.3 You will need to provide the following in relation to the Contract each time you apply to use the Scheme:
2.3.1 A copy of the Contract;
2.3.2 Contact details of the other party to the Contract;
2.3.3 Details (including email contact details) of the contract administrator, quantity surveyor or other person or firm authorised to issue certificates under the Contract detailing the amount of Retention that may be withheld under the Contract (where a third party has been appointed to execute such responsibilities);
2.3.4 The location (and address, if applicable) of the Construction Operations to which the Contract relates;
2.3.5 The Contract Sum;
2.3.6 The amount of the Retention required or permitted by the Contract;
2.3.7 The estimated duration of the work to be carried out under the Contract;
2.3.8 The length of any Rectification Period specified in the Contract;
2.3.9 The address (which must be a postal address in the United Kingdom) and email address to which notices concerning the Scheme and these Rules should be sent, and name of the person for whose attention the notices should be marked; and
2.3.10 A bank statement from the Bank dated within the prior three months showing the details of the account from which the Retention will be paid.
2.4 You will only be required to provide your personal/corporate details the first time you use the Scheme. For each subsequent time you use the Scheme, you will only be required to provide the Contract details set out in paragraph 2.3 unless any of the latest details you supplied in relation to paragraph 2.2.1 or paragraph 2.2.2 have changed, in which case you will provide the updated details to us.
2.5 Once you have completed the online registration form to provide us with your Individual KYC or Corporate KYB (if required) and the Contract details, we will contact the other party to the Contract within two Business Days to seek their agreement to join the Scheme.
2.6 If the other party agrees to join the Scheme, they will be provided with a link to the online form to provide their personal or company details as set out in paragraph 2.3.
2.7 Subject always to the Compliance Requirements and to paragraph 2.13, we will endeavour to respond within five Business Days of receipt of the second party’s compliance information with your account details.
2.8 Your account details will comprise:
2.8.1 A reference number; and
2.8.2 A bank account number and sort code, to which all Retention payments to be held under the Scheme should be paid (the “Contract Account”)
2.9 The reference number we provide will be unique to your Contract. The bank account number and sort code we provide will be unique for each Tier 1 Contract Account.
2.10 When the Contract Account is set up, you and the counterparty to your Contract will each be given access to an online portal, through which you will be able upload any documentation that you are required to provide to us in accordance with these Rules.
2.11 If you notify us in your application documentation that you are both a Receiving Party and a Contractor, you will be given the option of opening subcontract accounts as Subcontract Accounts to the Tier 1 Contract Account. In order to open Subcontract Accounts, you will need to upload the Contract information required under paragraph 2.3 in respect of each Subcontract Account that you wish to set up.
2.12 Once we have received the required information from the Contractor, the processes under paragraphs 2.5 to 2.7 will then apply to each Subcontract. We will issue a unique reference number for each Subcontract.
2.13 The acceptance of any Contract into the Scheme, provision of a Contract Account and reference number and the approval of any individual or entity to participate in the Scheme will in all cases be at our sole discretion. We will be entitled to decline any application to join the Scheme at any stage of the process and we will not be required to provide you with any reason for this.