Advance payment meaning

This checklist outlines matters to weigh up when preparing and agreeing an advance payment bond for a construction project. See also Practice Note: Advance payment bonds. Parties Where a party has its registered office outside England and Wales, it may need to nominate a service address within England and Wales. Consider carefully before accepting a surety located outside the UK and, where relevant, verify the surety is properly authorised to issue bonds in the UK. Always include company registration numbers so companies can be identified in the future. The relevant contract Set out the full particulars of the building contract and the works to which the advance payment bond applies, as appropriate...

The Green Deal The Green Deal was a government initiative enabling households and businesses to carry out energy efficiency upgrades to domestic and commercial buildings using a ‘pay-as-you-save’ model. Approved Green Deal providers sourced low-cost finance for the works with no advance payment required. Instead, the cost of the efficiency measures was added to the property’s energy bills and settled in instalments by the energy bill payer, in accordance with the Green Deal Golden Rule, namely that the anticipated monetary savings from the measures would be equal to or exceed the charges applied to the bill. Responsibility for repayment is attached to the property itself, and therefore passes to any new owner or occupier on sale or letting. The Energy Company Obligation (ECO), which replaced the Carbon Emissions Reduction Target and the Community Energy Saving Programme, operated alongside the Green Deal. The Green Deal was brought in across Great Britain by the Energy Act 2011 (EnA 2011) and given effect through various regulations and orders, including the Green Deal...

A limited company is permitted to repurchase its own shares where the criteria in the Companies Act 2006 (CA 2006) are satisfied. Such transactions are known as share buybacks, or purchases by a company of its own shares. Alongside the CA 2006 provisions, additional rules and guidance can apply to a listed company or to an AIM company. A private limited company may effect a buyback out of capital in accordance with CA 2006, Pt 18, Ch 5 (CA 2006, ss 709–723), subject always to any restriction or prohibition contained in the company’s articles of association. For private companies, repurchases are undertaken solely off-market, and accordingly this checklist does not cover on-market buybacks. For an introduction to share buybacks, including an outline of the differences between an off-market share buyback and an on-market share buyback, see Practice Note: Share buybacks—the legal framework. Preliminary issues Before proceeding with any share buyback to be financed out of capital in accordance with CA 2006, Pt 18, Ch 5, a private limited...

K&J Townmore Construction Ltd v Damien Keogh [2023] IEHC 509 A High Court ruling in K&J Townmore Construction Ltd v Damien Keogh [2023] IEHC 509 is welcome news to many within Ireland’s construction industry. A party sought leave to pursue judicial review of an adjudicator’s decision under the Construction Contracts Act 2013, but the application was refused. That refusal ensures the Act will continue to operate as a practical and useful mechanism for resolving disputes in the construction industry in Ireland, preserving the intended effectiveness of adjudication... Townmore, Cobec’s main contractor, asked the High Court for permission to judicially review the appointment of the adjudicator, Mr Keogh (the Adjudicator). The Adjudicator considered that he had jurisdiction to determine a dispute between Townmore and Cobec under the Construction Contracts Act 2013. Despite Townmore’s assertion that the issue was not a ‘payment dispute’ within section 6(1) of the Act, Mr Keogh refused to resign. Townmore argued that it would be inequitable to wait until the adjudication had run its course...

Earlier this month, the International Criminal Police Organisation (INTERPOL) unveiled its report titled ‘’ (the ‘Report’). While the Report is not publicly accessible, INTERPOL’s press release explains that its purpose is to examine current patterns in cross‑border financial crime and to set out concrete measures that should be adopted to reinforce ongoing efforts to curb the flow of illicit finance. Key trends in global financial crime INTERPOL indicates that growing dependence on new technologies is allowing organised criminal networks to reach victims worldwide, often at scale, through more polished, professional fraud operations, broader in scope and scale, that require no advanced technical expertise and can be run at comparatively low cost. The Report highlights artificial intelligence and cryptocurrencies as leading drivers of today’s financial criminality, fuelling what it describes as an epidemic‑level surge in financial fraud. Although the incidence of particular offences varies across regions, the Report indicates that global trends point to the most common as: Investment fraud Advance payment fraud ...

Why is the EU PTD 2015 being revised? The Commission launched its reassessment of the EU PTD 2015 five years after it took effect, and in the wake of widespread cancellations, liquidity pressures, and hurdles in reimbursing travellers during the coronavirus (COVID-19) crisis. Its review concluded the EU PTD 2015 has not entirely achieved its aims or met the needs of travellers and organisers, leaving scope for enhancement and simplification. The Commission now intends to tackle the identified gaps, remove legal uncertainty, and reduce unnecessary complexity that creates difficulties for both travellers and organisers. It also aims to ensure stronger consistency between the EU PTD 2015 and EU passenger rights—protecting travellers more effectively, including in crisis situations—while improving business functionality in the package-travel sector. What are the key changes? The changes broadly fall into three main categories: simplifying provisions clarifying travellers’ rights strengthening traveller protection against organiser insolvency Simplifying provisions At present, the definitions of a ‘package’ and...

Context The compulsory purchase regime is founded on the premise that a proprietor of land, or of rights, that are compulsorily taken or disturbed is entitled to be compensated. Consequently, working out the compensation is a central part of the compulsory purchase process; see: Promoting a compulsory purchase order, covering preparation of the order, its supporting documents and the making of the order. This Practice Note sets out the core principles for assessing compensation arising from the compulsory acquisition of an interest in land. Compulsory acquisition must rest on specific statutory authority, whether for taking the land itself or rights in or over it. The Royal Prerogative is reserved to the Crown, and even the Crown typically prefers to expropriate or requisition land under statutory powers. Most acquisitions proceed under Public General Acts, for example the Highways Act 1980 (HiA 1980). The making and confirmation of a compulsory purchase order (CPO) is usually regulated by the Acquisition of Land Act 1981 (ALA 1981). See Practice Note: Sources and limits...

This Practice Note considers the practical matters that commonly arise in connection with an employment settlement agreement (previously referred to as a compromise agreement). It also highlights the likely tax considerations and signposts our related Practice Notes for fuller guidance. For details of the legal requirements (that is, the conditions governing settlement agreements) that must be satisfied for an agreement to be binding and effective to compromise statutory employment claims, see Practice Note: Settlement agreements in employment—legal requirements Parties to the agreement Where the employer is an individual, or a company with a straightforward corporate set-up, the parties to the settlement agreement will be the employer and the employee, with no necessity to mention third parties. However, the identity of the employing entity may not be simple, eg within a more complex group structure where: the employee works, or has worked, for other companies in the employer’s group, eg on secondment the employee performs their duties for one company but is paid by another...

What is retention? Holding back a retention from interim payments is a common feature of commercial construction contracts, particularly those using standard forms. Retention describes the portion of each interim payment an employer withholds as security for the contractor’s future performance and as an incentive to ensure every obligation is fulfilled. A set percentage is deducted from each payment; this amount is referred to as the ‘retention’ (or ‘retentions’). This approach is often mirrored down the supply chain—for example, a main contractor may retain sums from a sub-contractor. The arrangement facilitates part-payment as the works advance, while postponing the balance until all contractual duties are completed. In addition to promoting completion of the works, the retained funds can be used to pay for correcting defects where the contractor is in default under the contract. How much retention is retained? Retention levels can be as high as around 10%. On larger projects, the figure is more commonly between 3–5% (although some public sector clients adopt a policy of...

1 Reserve Fund 1.1 Definitions In this clause, the following further definitions apply: Fund Account – an interest‑bearing [ trust ] account [ opened with [ name of bank ] ] held in the Landlord’s name; Reserve Fund – a fund that the Landlord may, though is not obliged to, set up and keep from time to time to receive and hold a Reserve Fund Contribution; Reserve Fund Contribution – the sum (if any) in each Service Charge Period that the Landlord [ (acting reasonably) ] determines to be a fair annual payment by the Tenant towards the advance funding of [ providing the Services OR regularly‑recurring major items of [ the Service Costs OR service charge expenditure ] ] [ (including, but not limited to, repair, decoration, maintenance and renewal) ], and including any VAT payable where the Landlord cannot obtain a credit for that VAT from HM Revenue & Customs...

Please review these important terms and conditions before purchasing anything from us, and ensure they contain everything you require and nothing you are unwilling to accept. Summary of some of your key rights: The Consumer Rights Act 2015 provides that: you may ask us to redo or repair a service if it is not carried out with reasonable care and skill, or receive some money back if we cannot resolve it; if a price was not agreed in advance, the amount you are asked to pay must be reasonable; if no time was agreed beforehand, the service must be completed within a reasonable time. This is a brief outline of some of your key rights. For detailed guidance from Citizens Advice please visit www.citizensadvice.org.uk or call 0808 223 1133. The information in this summary box highlights some of your key rights. It does not replace the contract below, which you should read carefully. This contract sets out: ...

Please read these important terms and conditions before you purchase anything on our website, and make sure they include everything you require and nothing you’re unwilling to accept. Summary of some of your key rights: The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 state that, in most situations, you may cancel within 14 days. If you agree that the services begin during this period, you could be charged for what you’ve used. The Consumer Rights Act 2015 says: you can ask us to perform the service again or put it right if it isn’t delivered with reasonable care and skill, or receive some money back if we can’t remedy it; if no price was set in advance, the amount you’re asked to pay must be reasonable; if no timeframe was set in advance, it must be carried out within a reasonable time. This is a summary of some of your key rights. For detailed information from Citizens...

Case study A landlord serves a section 25 notice under the Landlord and Tenant Act 1954 (LTA 1954), ending the lease on the contractual expiry date and contesting any renewal on ground f. No claim has yet been brought. It is expected, however, that the tenant will start renewal proceedings, without making an interim rent application. The landlord has issued an invoice for the yearly rent, which the lease stipulates is payable in advance, covering the year commencing on the contractual expiry date... Assume for this Q&A that the tenant does issue proceedings, so the lease carries on beyond the contractual expiry date and the tenant stays in occupation, preserving protection under LTA 1954, Pt II... Further assume the parties remain in discussions about whether the tenant will vacate on the notice expiry, and that the lease requires rent to be paid annually in advance...