Retention Definition

GLOSSARY

Published by a UU��ֱ�� Construction expert

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.

View the related checklists about Retention

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UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained.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 UU��ֱ��® 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 UU��ֱ��® 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...

Discover our 1245 Practice Notes on Retention

Internal investigations—panic sheet

Internal investigations—panic sheet 1 Decide who should conduct and support the investigation General counsel should decide on how best to conduct the investigation, although they may establish a special committee comprising relevant members of the board or audit committee. Identify who will be the 'client contact'. This is the person within the company who will be the main point of contact. They should be sufficiently senior to be able to give instructions and make decisions on behalf of the company, and should have no involvement in the alleged conduct. Consider whether to appoint: —external legal advisors to enhance the (perceived) independence/integrity of the investigation and provide a stronger case for legal professional privilege (LPP); —an external data vendor to collect and process relevant data and assist with forensic services such as the recovery of deleted data, if required; —media relations experts to help ensure effective messages are issued to the public and monitor the effect of any adverse press. 2 Limit your internal and external communications To preserve...

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...

Dive into our 320 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...

See the 217 Q&As about Retention

International recruitment assists social care workforce, yet local retention struggles persist

The adult social care workforce development body Skills for Care has issued a new report ‘State of the Adult Social Care Sector and Workforce in England report ('the report'). The report highlights that record levels of international recruitment has significantly improved the adult social care workforce, which reached 1.71 million filled posts by March 2024, while vacancies fell to 131,000. Despite these gains, the sector faces ongoing domestic recruitment and retention challenges, with 24.2 percent of care workers leaving their jobs in 2023/24, and a vacancy rate of 8.3%, which is around three times that of the wider economy. Between March 2022 and March 2024, 185,000 international recruits joined the independent care sector, and the number of British workers fell by 70,000. However, the numbers of international recruits are now declining, and an estimated 8,000 new international recruits started between April and June 2024, compared with an average of 26,000 per quarter in the year to March. Notably, the workforce is becoming more diverse, with men now making up 21 percent...

Tax weekly highlights—10 October 2024

This week's edition of Tax weekly highlights includes: (1) the DCMS announcement regarding the Independent Film Tax Credit for low-budget films, (2) further analysis of the Supreme Court’s decision in Professional Game Match Officials Limited, and (3) analysis of the Upper Tribunal’s decisions in HMRC v Gould and Mudan and anor v HMRC.

Read the latest 2395 News articles on Retention

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

Case studies

"Although cost was an important factor, our relationship with UU��ֱ��, their responsiveness, flexibility, and the integration available with other products were key factors."

Irwin Mitchell

Access all documents on Retention

GET ACCESS NOW

Top

Trial

UU��ֱ��

GLOSSARY