In these Rules, terms defined in the Definitions shall have those meanings.
2.1 Applications to join the Scheme are conducted in accordance with the Pre-qualification Information. 2.2 By making an application to join the Scheme, or otherwise consenting that your Contract should be admitted to the Scheme ...
3.1 Rule 3 applies only to Tier 1 Retentions. Depositing Retention Funds 3.2 The Employer agrees to deposit all Tier 1 Retention that it withholds under the terms of the Tier 1 Contract into the Contract Account. 3.3 Whenever ...
4.1 Rule 4 only applies to Subcontract Retentions. Depositing Retention Funds 4.2 Whenever a payment becomes due to the Subcontractor: 4.2.1 Where required under in Rule 4.13, the Contractor must, on or before the ...
5.1 Our interest in any funds held in a Contract Account is fiduciary as trustee for the purposes set out in these Rules (but without any obligation to invest) with effect from the date that the Contract Account is set up until the Contract i ...
6.1 Each Contract Account will be a virtual sub-account of the Scheme’s main Deposit Bank account. 6.2 We will place any cash deposits held within the Scheme in a bank account with the Bank of England, through our technolo ...
7.1 We provide the Scheme’s online portal ‘as is’ and ‘as available’, without any express, implied or statutory warranties of title, merchantability, fitness for a particular purpose or any other type of warranty ...
8.1 Save as they may be amended under Rule 8.9, our fees for the operation of the Scheme, including the maintenance of the Contract Account, will dependent upon the level of the Base Rate. 8.2 Fees shall be charged on the 1st da ...
Insolvency of an Employer 9.1 Upon the Insolvency of the Employer under a Tier 1 Contract, we will hold the balance of all sums held in the relevant Tier 1 Contract Account on trust for the Tier 1 Contractor and, where applicable, the Supply ...
10.1 A Contract will be discharged from the Scheme when one or more of the following applies: 10.1.1 On the third Fee Date following the first opening of a Contract Account, no deposit has been made in respect of that Contract A ...
11.1 If a dispute arises out of or in connection with the application of these Rules or the performance, validity or enforceability of them (a “Dispute”), then all parties concerned with the Dispute shall follow the procedure set ...
12.1 If, in respect of a particular Contract Account, there has been: 12.1.1 No action logged by either party on the online portal; and 12.1.2 No written communication received by us from either party to the Contra ...
13.1 As a condition of using the Scheme, each party agrees that they: 13.1.1 Will only use our services for legitimate and legal business purposes. In particular, they agree to use the Scheme in line with this requirement, the S ...
14.1 Subject to Rule 14.2: 14.1.1 Our total aggregate liability in respect of each Contract Account under or in connection with the Scheme and these Rules including but not limited to our liability in contract, tort (including n ...
We are a data controller for the purposes of Data Protection Legislation. We will handle any personal data collected from you, or that you provide to us, in accordance with our data protection policy.
16.1 We and you each will: 16.1.1 Keep the Confidential Information of the other secret and confidential; 16.1.2 Not use the Confidential Information of the other party except for the proper exercise of our rights ...
17.1 A notice or notification required to be given to a party under these Rules: 17.1.1 Shall be in writing and in English; 17.1.2 Shall be signed by or on behalf of the party giving it. A notice given by email wil ...
These Rules and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with them or their subject matter shall be governed by and construed in accordance with the law of England and Wales.
19.1 These Rules set out the basis upon which we will operate the Scheme. The agreement that the administration of Retention due under your Contract will become subject to these Rules takes effect as an agreement between you, us and the count ...
If any Rule or part-Rule of these Rules is or becomes invalid, illegal or unenforceable in the United Kingdom it shall to that extent be deemed deleted but that shall not affect the legality, validity or enforceability in of any other part of these Rules.
21.1 We may update any of these Rules from time to time. 21.2 Any updates to the Rules will take effect when a revised version of these Rules is published to our website at https://rules.retentiondepositscheme.org. 21.3 ...