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A security account is much like a joint account whereby any withdrawal requires both parties’ approval. Lending institutions (predominantly banks) all have different terms and conditions around security accounts. However, the key features include:
*Some lending bodies stipulate that account holders must be individuals, e.g., an account holder must not be a company or a trust.
Sometimes an owner will not understand the purpose and effect of a security account and/or request that the clause be deleted. Common concerns raised by owners are:
Ultimately, it is recommended that the parties to a contract speak directly with their preferred lending body regarding security accounts and their associated terms and conditions to consider if this is the best option for them.
Alternatively, the builder and owner may wish to speak with a lending body about a bank guarantee, letter of credit, or consider setting up a trust account with a solicitor.
Can’t find what you need, check out other resources that might be closer to the mark.
No matter the size of the job, a watertight building contract is critical to protect your business, and the current climate presents a great opportunity to go digital with your contracts.