Application for a Security Account in connection with a Building Contract.
Completing the Application Form
This form can be completed by anyone involved in the project. We suggest that the person best placed to complete the form is the Contract Administrator (CA) who should have most of the information.
You will need to enter all the required information before you will be able to submit this application.
We are usually able to set up the holding facility within three working days of receiving all the required information.
We need bank details of the Person Giving Security (PGS) and the form provides for you to enter them here or to submit them separately. You can use a secure, encrypted email service at www.sendinc.com. This is a free service hosted in the USA. Only the name of the bank and the name of the account will be shown on the documents issued to the Parties, PGS and Surveyors. The sort code and account number will remain confidential.
FUNDS CAN ONLY BE ACCEPTED FROM AND PAID INTO UNITED KINGDOM BANK ACCOUNTS. If you are in any doubt check the IBAN number of the bank which should be on the bank statements. A UK bank’s IBAN number will start with GB.
Once the Security Sum has been transferred we will obtain confirmation from our bank that the funds have come from the account given. When the time comes for surplus funds to be released payment will only be returned to the account from which it came.
The information submitted will be held by us in accordance with the data protection requirements of the Information Commissioner’s Office and will not be passed to any third party except when required to comply with the Money Laundering Regulations or other due diligence procedures as set out in our Terms and Conditions.