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Vesting Certificate

Vesting Certificate

 

The Vesting Certificate confirms that goods or materials described on an attached schedule are held at the specialist’s works, are substantially complete, are intended for delivery to the site, do not have any ownership problems, are insured, and are marked and set aside.

 

 

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The Vesting Certificate confirms that goods or materials described on an attached schedule are held at the specialist’s works, are substantially complete, are intended for delivery to the site, do not have any ownership problems, are insured, and are marked and set aside.

This clear undertaking should satisfy the reasonable requirements of employers, main contractors, quantity surveyors or other interested parties. The Vesting Certificate also confirms that the goods or materials will pass into the legal ownership of the designated recipient as soon as the subcontractor receives payment.
The Vesting Certificate provides a useful document for all construction companies which seek to obtain payment for off-site goods or materials.

Case Study

"Doors Are Us (example) Ltd" have been asked by their client to procure 10 specialist doors for delivery to site in 10 weeks.

"Doors are us" receive an order from the client for the specialist doors and agree 2 weekly payment terms over the 10 week period.

After two weeks "Doors Are Us" have made 2 specialist doors and as such would like payment as per their agreed payment terms.

"Doors are Us" will only deliver the doors to site once all the specialist doors are made. Therefore "Doors are Us" will keep the two completed doors within their warehouse until delivery is required.

Their client agrees that payment is due as per the agreed payment terms but because the doors will not be delivered to site immediately (they will instead be held at the "Doors are Us" warehouse). The client asks for a Vesting Certificate to be completed.

After the Vesting Certificate is completed by "Doors are Us" and sent to the client, the client can pay for the two doors. Once paid the client is safe in the knowledge that they are now the legal owner of the doors, the doors are held at the "Doors are Us" warehouse, are substantially complete, are intended for delivery to the site, do not have any ownership problems, are insured, and are marked and set aside.

A simple but effective document for cashflow.

Please contact the Freelance QS for more details.

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