As a Developer employing Main Contractors and Subcontractors on various projects, we’re regularly asked to make Advanced Payments for materials off-site by our supply chain. We understand the need for this but want to better comprehend how to manage the process and de-risk it.
We put together this scenario to Jason Farnell, Adjudicator and CEDR Accredited Mediator from Commercial Risk Management.
The Pocketbook has tips on how to:
Is it correct that materials we’ve paid for, on or off-site, become our property?
What exactly is a Vesting Certificate and when should it be used?
Month to month, what is the standard procedure for ‘Vesting’ and how do we best manage the process?
Take a pick inside the book
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