Retention Definition

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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 Securitisation Regulation—timeline

EU Securitisation Regulation—timeline This timeline shows key developments relating to Regulation (EU) 2017/2402 (the EU Securitisation Regulation) from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations—timeline [Archived]. 2025 Date Source Document Description 1 April 2025 AFME The Joint Associations’ response to the ESMA consultation of February 2025 on the revision of the disclosure framework for private securitisation AFME, Commercial Real Estate Finance Council (CREFC) Europe and International Capital Market Association (ICMA) submitted a joint response to the European Securities and Markets Authority's (ESMA) consultation on revising private securitisation disclosure requirements. The joint response argues against: introducing a simplified reporting regime for EU-originated securitisations before wider reforms, citing concerns about potential changes to private securitisation definitions, continued template-based reporting requirements, and unresolved third-country reporting issues. They propose an alternative approach focusing on supervisory reporting needs while allowing more flexible investor disclosures.See: LNB News 01/04/2025 71. 31 March 2025 EBA Joint Committee Report on the implementation and functioning of the Securitisation Regulation (Article 44) The Joint Committee...

Drafting a building contract/schedule of amendments—checklist

Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...

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Disclosure—solicitors' obligations

Disclosure—solicitors' obligations This Practice Note identifies solicitors’ obligations in relation to disclosure to their client and the court. It also explains the need to preserve documents, provide the required disclosure and co-operate with the other side particularly in relation to electronic disclosure (e-disclosure). This Practice Note does not cover the provisions of the disclosure scheme operating in the Business and Property Courts. For guidance, see: Disclosure scheme—overview. Obligations Throughout the disclosure process you have obligations to your client, to the court and in accordance with other relevant provisions. These include, but are not limited to: • advising your client of the need to preserve documents—see further: Preservation of documents • ensuring your client complies with all relevant and applicable provisions and makes compliant disclosure—see further: Full disclosure • co-operating with the other side, specifically in relation to e-disclosure and/or where the claim is proceeding on the multi-track and does not involve a claim for personal injury—see further: Co-operating with the other side • a reasonable duty to manage...

GB Energy Labelling Regulation (EU) 2017/1369—snapshot

GB Energy Labelling Regulation (EU) 2017/1369—snapshot Title Assimilated Regulation (EU) 2017/1369 of the European Parliament and of the Council of 4 July 2017 setting a framework for energy labelling and repealing Directive 2010/30/EU (GB Energy Labelling Regulation) Entry into force 1 August 2017 Subject Energy labelling, energy efficiency of products In GB mandatory energy labelling is regulated by: • Assimilated Regulation (EU) 2017/1369 (the GB Energy Labelling Regulation) • Energy Information Regulations 2011 (EIR 2011) • Ecodesign for Energy-Related Products and Energy Information Regulations 2021, SI 2021/745 In-scope products have to comply with the information and labelling requirements contained therein. The EU Energy Labelling Regulation (Regulation (EU) 2017/1369) continues to apply in Northern Ireland post-Brexit. For more on the position in Northern Ireland, see Practice Note: What does the Northern Ireland Protocol (Windsor Framework) mean for the application of environmental law? DESNZ and the Office for Product Safety and Standards have produced guidance on energy information for suppliers and dealers setting out the different requirements...

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Consultancy agreement—company and individual—pro-client (short form)

Consultancy agreement—company and individual—pro-client (short form) [ON HEADED NOTEPAPER OF CLIENT COMPANY] [Insert consultant’s name] [Insert consultant’s address] [Insert date] Dear [insert consultant’s name] [ Consultancy agreement OR Insert name of project ] Further to our recent discussions, I am pleased to confirm the terms of our agreement regarding the provision of your consultancy services to [insert name of client company] (Company). 1 Term 1.1 [Subject to the terms set out in this letter, your engagement [will commence OR commenced] on [insert date] and will continue unless or until either party gives to the other not less than [insert number] [weeks’ OR months’] prior notice in writing. OR 1.2 Your engagement will be for a fixed period of [insert number] months from [insert date], subject to the terms of this letter and subject to the right of either the Company or you to give to the other not less than [number] [weeks’ OR months’] notice in writing during such fixed period terminating the...

Policy—regulatory references

Policy—regulatory references 1 Introduction 1.1 The Financial Conduct Authority (FCA) and the Prudential Regulation authority (PRA) (together the Regulators) require firms that are authorised by the Regulators (and subject to the Senior Managers and Certification Regime (SM&CR)) to request regulatory references if they are considering:. 1.1.1 permitting or appointing someone to perform a senior management function; 1.1.2 issuing a certificate under the certification regime; and/or 1.1.3 appointing a non-executive board director. 1.2 These regulatory references are designed to assist prospective employers to assess whether an individual applying for an applicable regulated function is fit and proper to hold that role. 1.3 To enable a prospective employer to assess the fitness and propriety of a candidate for a regulated function, organisations that fall within the SM&CR must provide upon request a regulatory reference that covers the individual for the preceding six years (and, in certain circumstances, longer). It is essential that we comply with our regulatory obligations in obtaining and in responding to such requests, as the failure to...

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If a law firm has a digital copy of a complete matter file, is there a period of time that the firm must keep the physical copy of the file before it is destroyed?

If a law firm has a digital copy of a complete matter file, is there a period of time that the firm must keep the physical copy of the file before it is destroyed? We are not aware of any specific regulatory requirement mandating the retention of physical copies of matter files if a digital copy is available. Indeed, some firms operate on a paperless basis generally, holding hard copy original documents/deeds only. However, it is generally good practice for law firms to have a matter closing procedure that includes the storage and eventual destruction of both paper-based and digitally-stored records How to close a client

What are the sanctions in English law and arbitration for a party that has destroyed documentary evidence?

What are the sanctions in English law and arbitration for a party that has destroyed documentary evidence? Sanctions under English law Disclosure under CPR 31—preservation of documents Documents that a party intends to rely on in litigation should be preserved as soon as litigation is contemplated. CPR PD 31B, para 7 expressly requires practitioners to advise their clients of the need to preserve disclosable documents as soon as litigation is contemplated. This obligation encompasses past, present and future information. In relation to the preservation of electronically stored information it is particularly important to ensure that nothing is altered, deleted, lost or destroyed. For more information, see Practice Note: Disclosure—preserving documents. If a party fails adequately to preserve disclosable information, it may face satellite litigation regarding the documents in question. The court may order the party to provide an explanation why documents have not been preserved (Glaxo Wellcome UK Ltd v Sandoz Ltd). If the court considers it appropriate, it may draw adverse inferences against a party which...

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Key takeaways from the ICO’s final anonymisation guidance

Information Law analysis: On 28 March 2025 the UK Information Commissioner’s Office (ICO) published its guidance on anonymisation and pseudonymisation under the UK GDPR (the Guidance). A long time coming, with drafts and sector-specific guidance published intermittently since 2021, the Guidance offers a practical response to addressing key concerns around compliant use of pseudonymised and anonymised data, especially in the context of data sharing, advanced analytics and modern technologies available to the ‘motivated intruder’. Written by Alex Jameson & Steph Ong of Bird & Bird

ELA Chair publishes statement on diversity, equity and inclusion (DEI) in Great Britain

Caspar Glyn KC, Chair of the Employment Lawyers Association (ELA) and Olivia Dobbie, Management Committee Member of ELA, and Diversity Lead, have on 8 April 2025 published an 8–page statement on behalf of ELA regarding diversity, equity and inclusion (DEI) policies in England, Wales and Scotland (Great Britain). The statement highlights the danger of following the US in ‘rolling back’ DEI, the position in the US and Great Britain in relation to discrimination law and positive action, the legal risks that companies in Great Britain may face if they reverse their DEI policies, the questions to ask when operating DEI policies in accordance with the law, and the holistic benefits of DEI.

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GLOSSARY