The convener must, not later than 14 days from receipt of a request for a requisitioned decision1, provide the requesting creditor with itemised details of the sum to be deposited as security for payment of the expenses of such procedure2. The convener is not obliged to initiate the decision procedure or deemed consent procedure3 (where applicable) until either: (1) the convener has received the required sum; or (2) the period of 14 days has expired without the convener having informed the requesting creditor of the sum required to be deposited as security4. A requisitioned decision must be made within
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This Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions typically found in an escrow
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