Vesting Agreements

Most construction projects have a significant amount of goods that are manufactured prior to being delivered to site and the necessity for payment for the goods may arise.

Why would I pay for Materials Off-Site?

When specific goods, plant or materials are in high demand, or lead-times are long, it may be necessary to make advanced payments to secure an order and prevent delays to the programme, even where the goods, plant or materials remain off-site.

What is a Vesting Agreement?

Vesting certificates can be used as evidence that ownership vests in the client upon payment, defeating third party claims such as claims of retention of title, and can help to identify items, if for example, the contractor becomes insolvent before the items have been delivered to site.

What service does Contractors QS offer?

When the client has agreed to pay for materials off-site then the need for a vesting agreement arises with certain conditions attached to it such as:

  • The specific materials must be stored separately from all other goods
  • The goods must be clearly marked with the Clients name and delivery address
  • A full schedule of the materials should be with the goods
  • All of the goods must be insured
  • The value of the claim must be proportionate to the materials claimed for

Contractors QS can offer the Client piece of mind that the above conditions have been met by:

  • Visiting the facility where the goods are being held and providing photographic evidence
  • Ensure that the goods are clearly marked
  • Check the schedule of Materials against what is actually at the premises
  • Inspect the insurance documents and ensure adequate cover is in place
  • Value the goods upon inspection against an agreed schedule
  • Prepare the vesting agreements for all parties

This service is useful where the Construction site is far away from the Off-Site warehouse / workshop and the client wants assurance that what they are paying for is actually there.

It is usually more cost effective to send a member of our team to go and inspect the goods as it reduces unnecessary travel expenses and lost time.

The price to provide the above service is competitive and is based upon the quantity of goods to be checked and their location.

Fee Costing Calculator

Information on how to use the calculator

This calculator shows you an indicative idea of the cost of our fees for a project.

Please contact us and we will be happy to provide an accurate quote.

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