Description
Email: andy@freelancequantitysurveyor.co.uk
A Vesting Certificate Template is needed if a contractor is to receive interim payment for materials that are stored off site.
Main Contractors generally ask for a Vesting Certificate to be provided. If a supplier wants to be paid for materials produced / ordered but stored off site.
The certificate contains the following:
- The material suppliers details
- The Main Contractors details
- Where the materials are stored.
- What the materials are
- That the materials are set aside and clearly marked
- That the materials are insured
- There are no ownership problems
- That the materials will pass ownership to the Main Contractor upon payment
The certificate is usually only a one or two page form that must be signed and dated by the party that requires payment.
The Vesting Certificate Template we provide is easily edited to suit your own individual requirements.
What is a Vesting Certificate Template?
This is usually the first words out of a sub-contractors mouth once a main contractor asks for it for materials off site to be paid.
Most subcontractors then frantically use google to try and find the said certificate (much the same as a pay less notice).
Of course all materials on site once paid are legally the property of the main contractor. However this is not the case for materials off site. Therefore the client will not pay for anything unless a vesting certificate is produced.
Once the certificate is signed and accepted. This forms a legal document and can be used in Her Majesty’s Courts, if required.
It is unclear how many vesting certificates are used per year but they are more common than you think.
You can order a vesting certificate template on its own or you can order a certificate included in our construction templates pack. Both are excellent value for money when you unlock the materials off site payment.
