Retention Definition

GLOSSARY

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What does Retention mean?

Retention is a percentage of the sums payable by way of interim payment deducted by the employer and held until completion. Half of the retention is released on practical completion, the other half on the expiry of the defects liability period or issuance of a certificate of making good defects.

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EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union’s AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...

Contractual considerations for the procurement of artificial intelligence—checklist

Contractual considerations for the procurement of artificial intelligence—checklist This Checklist highlights the key procurement, licensing and contractual issues relevant to artificial intelligence (AI) or machine learning (ML) solutions. Depending on the specific application, the inclusion of AI may mean adding simple automated functionality, through to creating a complex, intelligent tool controlled by either a third party or by the customer. This Checklist assumes that the AI will be capable of an element of learning and that, as such, one or both of the parties will be involved in training it. For a discussion of methodologies for the management of risks and challenges that might arise during the deployment of AI technology, see News Analysis: Understanding and managing the risks in artificial intelligence (AI) technology projects. General issues related to software development and licensing, systems integration, outsourcing and software support services may also be relevant, depending on the solution, but are not highlighted in this Checklist. For more, see Practice Notes: • Key issues in software licence agreements • Software development...

Information security flowchart—law firms

Information security flowchart—law firms Information security has become a business-critical issue. It is not something you can tackle in isolation as there are obvious overlaps with cyber security and data protection. This flowchart sets out a logical process for reviewing and addressing your information security requirements. The notes below the flowchart signpost relevant Templates. Note 1: identify information See Precedent: Information audit form. Alternatively, you may already hold all relevant data in a Data processing register, in which case there is no point duplicating the exercise. Note 2: assess information risks See Precedent: Data protection risk assessment—short form. Alternatively, you may have already undertaken a detailed Data protection risk assessment, which may be adequate for your purposes. Note 3: secure the information See Precedent: Information security review, which encourages you to conduct a comprehensive review of your procedural and

Retained EU law—flowchart [Archived]

Retained EU law—flowchart [Archived] ARCHIVED: This Flowchart has been archived and is not maintained. Retained EU law is a concept introduced by the European Union (Withdrawal) Act 2018 (EU(W)A 2018) in preparation for Brexit, creating a brand new category of domestic law. It is the collective term given to the body of EU-derived laws preserved and converted into domestic law under EU(W)A 2018 (as amended) at the end of the post-Brexit transition period (IP completion day). For background reading on the transition period, and what it means for retained EU law, see: In the context of Brexit, what is meant by the ‘transition or implementation period’? For further background reading the underlying legislation, see: • Practice Note: Brexit—key legislation explained • News Analysis: What does IP completion day mean for the status of EU law in the UK? What is retained EU law? Retained EU law is a complex and wide-ranging legal term, defined under EU(W)A 2018, as anything which continues to form part of domestic law on or after...

Measuring the in-house legal team

Measuring the in-house legal team This Practice Note discusses how in-house legal teams can use metrics such as staffing, spend, income and client satisfaction to demonstrate their value. Metrics are a useful tool to increasing self-awareness, implementing strategic improvements, focusing on reducing costs, increasing the influence of your legal function and developing and motivating your team. Why measure? Self-diagnosis Identifying trends and the current state of play, for example, workload, spend and staffing. Implementing strategic improvements Gathering the information you need to build business-wide support for your management strategies, for example:—maintaining headcount—pushing work to the business—outsourcing or insourcing—de-skilling or skilling-up—technology or further investment Focus on reducing costs A true focus on savings means keeping on top of data on costs or income, for example:—monitoring volume of external spend, discounts and rebates under alternative fee arrangements—building a platform from which to work closely with finance and procurement functions to achieve further savings Increasing the influence of your legal function Helping your legal team to become a key influencer...

Direct marketing compliance—data protection—checklist

Direct marketing compliance—data protection—checklist This Checklist is intended for private sector commercial organisations in the UK. It is intended as a mini self-assessment of your direct marketing systems from a data protection perspective. It reflects the Information Commissioner’s Office (ICO’s) Direct marketing checklist. For each item on the Checklist, further ICO guidance is provided, together with links to relevant ��Ӱ��® tools and materials. This Checklist is not intended for organisations that make live direct marketing calls about claims management services or pension schemes. ICO expectation Additional ICO guidance and ��Ӱ��® materials ☐ Define and allocate responsibility for compliance with data protection legislation and Privacy and Electronic Communications (EC Directive) Regulations 2003 (PECR 2003), SI 2003/2426 when carrying out direct marketing activities or roles You should clearly allocate responsibility for the oversight of data protection when carrying out direct marketing activities.Where appropriate you should have steering groups to monitor performance in data protection and discuss relevant issues.You should have reporting lines and effective links between key roles to ensure a...

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Accounts procedures for fee earners and support staff 2011 [Archived]

Accounts procedures for fee earners and support staff 2011 [Archived] 1 This document sets out our [accounting OR finance] systems and controls for fee earners and support staff. 2 Basic principles 2.1 We have an overriding duty to protect client money and assets. 2.2 To ensure compliance with this duty and with the SRA Accounts Rules 2011 (the rules), all fee earners and support staff must comply with the systems and procedures set out in this document. 3 Accounts department 3.1 The [Accounts OR Finance] department is located at [insert location, eg office if you have more than one office or location within your office] and is led by [insert name and/or title], [who is also the firm’s Compliance Officer for Finance and Administration (COFA)]. 3.2 [insert any other information regarding the structure of your accounts departments, eg if you have different teams for different functions]. 4 Accounts system 4.1 We have a central accounting [and time recording] system called [insert name...

Short-form facility agreement (term loan): single company borrower—bilateral—unsecured

Short-form facility agreement (term loan): single company borrower—bilateral—unsecured Facility agreement This Agreement is made on [date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower); and 2 [insert name of Lender], of [insert address] (the Lender). It is agreed as follows: 1 Definitions and interpretation 1.1 In this Agreement, unless otherwise provided: Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment • means £[•] ([•] Sterling) minus any amount reduced or cancelled in accordance with this Agreement; Commitment Period • means the period commencing on the date of this Agreement to and including [•]; Default • means an event that with the giving of notice, lapse of time or other applicable condition would be an Event of Default under Clause 16; Drawdown • means [the OR a] utilisation of the...

Dive into our 329 Precedents related to Retention

What types of offences under the Proceeds of Crime Act 2002 (POCA 2002) should lawyers (who are acting in the 'regulated sector' under POCA 2002) and buyers be aware of in M&A transactions? If any such offence is identified as part of the due diligence process, what action should be taken and can this impact the timing of the transaction?

What types of offences under the Proceeds of Crime Act 2002 (POCA 2002) should lawyers (who are acting in the 'regulated sector' under POCA 2002) and buyers be aware of in M&A transactions? If any such offence is identified as part of the due diligence process, what action should be taken and can this impact the timing of the transaction? Under the Proceeds of Crime Act 2002 (POCA 2002), money laundering is defined as: • concealing, disguising, converting, transferring or removing criminal property out of the jurisdiction • entering into or becoming concerned in an arrangement that facilitates the acquisition, retention, use or control of criminal property, and • acquiring, using or possessing criminal property Money laundering is further defined in the Terrorism Act 2000. It is an offence to enter into or become concerned in an arrangement that facilitates the retention or control by or on behalf of another person of terrorist property: • by concealment • by removal from the jurisdiction • by...

What is the common law position where a supplier of a service erroneously undercharges a customer for that service (eg due to miscalculation of the amount of service used at the fault of the supplier)? Is the supplier entitled to back-bill a customer for historic supplies which it has undercharged for, and is the customer obliged to make further payments? Is there any time limit?

What is the common law position where a supplier of a service erroneously undercharges a customer for that service (eg due to miscalculation of the amount of service used at the fault of the supplier)? Is the supplier entitled to back-bill a customer for historic supplies which it has undercharged for, and is the customer obliged to make further payments? Is there any time limit? In answering this question, we have assumed that you are referring to a services agreement between two businesses in an unregulated supply sector. The ability to recover sums under a commercial contract will depend on the terms of the contract relating to calculation of payments, invoicing and dispute resolution. For general information, see Practice Note: Price, payment terms and interest. If the contract introduces a process for agreeing invoices for services and agreeing these invoices as ‘final’ for parts of the work there is likely to be no right to go back to recover errors, regardless of the error. The nature of...

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TMT weekly highlights—12 December 2024

Welcome to this week’s edition of the TMT weekly highlights: a hand-picked summary of news analysis, updates and new content from across the technology, media and telecoms sectors. These highlights focus on key topics including new technologies, software, cloud computing, internet, outsourcing, music, film & television, publishing, defamation and telecoms.

Competition weekly highlights—12 December 2024

This week's edition of Competition weekly highlights includes, from a UK perspective: (1) the CMA’s decision to launch an investigation into the construction and roofing sector regarding suspected bid rigging, (2) the CMA’s decision to launch a consultation on Vifor’s commitments to end its abuse probe into disparaging treatment in the iron treatment market, (3) publication by the CMA of an update report on the Rail, Road and Inland Waterway Transport Block Exemption, (4) the CMA’s phase 2 decision to conditionally clear Vodafone/CK Hutchison JV, (5) the Controlled Foreign Companies (Reversal of State aid Recovery) Regulations 2024 to enter into force on 31/12/2024, (6) publication by the CMA of new procedural rules and guidance for water references, and (7) publication by the DBT’s of two subsidy control principles assessment guides for public authorities. This week's highlights also includes, from an EU perspective: (1) the Court of Justice’s judgment in a national reference from Latvia concerning Article 101 TFEU restrictions in car warranties, and (2) the Commission’s announcement that it has...

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