Many standard-form contracts already require the paying party to ring-fence retentions.  For those ones, no further agreement is required other than that you will use the Scheme.  Where there isn't any mention in your construction contract, we've built Pre-Qualification Rule 3 so that once you have started to use us, both parties are required to continue to use us unless you mutually agree to stop. No further paperwork is required either way, however, because our Scheme Rules cover everything.

Once you access our Account Portal, you can begin the account opening process. You'll be asked to confirm the parties to the contract and we'll then take you through our compliance/onboarding if it is the first time you've used us. Pre-Qualification Rule 2 deals with this.

Every single construction contract gets a unique set of bank details (its own account number and sort code / IBAN) - made out in the paying party's name (pursuant to Scheme Rule 3 and Scheme Rule 4) - so that you can prepare to pay the retention into the account when it is withheld.

We don't impact upon your monthly payment cycle at all. You will apply for payment in the usual way and, for every pound of retention withheld, you will pay that into the contract's specific bank account.

Each party to the contract can access the account portal at any time to verify that the retention has been deposited and what the balance is from time to time.