Status of an interest under a trust where the beneficiary has a ‘present right to future enjoyment’, eg a right to capital which is ready to take effect when another beneficiary's interest ends. See also ‘vest’. Contrast contingent interest.

Status of an interest under a trust where the beneficiary has a ‘present right to present enjoyment’, eg an immediate right to income. See also ‘vest’.

An equitable interest under a trust where the beneficiary does not have to meet any conditions for the interest to take effect. The interest may be either vested in possession or vested interest.

In relation to active members, these are benefits they can unconditionally receive on leaving the scheme.

Vesting clauses provide for the passing of property (usually unfixed construction materials brought on site) to the employer when a specified event happens, eg upon payment or delivery of the materials to site.

Date [_______________________________] Parties 1 [Insert Employer] (Company registration number [insert number]) of [insert registered office address] (the 'Employer'); and 2 [Insert Contractor] (Company registration number [insert number]) of [insert registered office address] (the 'Contractor'). Recitals (A) By a contract dated [insert date] (the 'Contract') the Employer has appointed the Contractor to carry out [insert brief description of the works] (the 'Works') in connection with [insert brief description of the project] (the 'Project'). (B) In consideration of the Employer agreeing to make payment to the Contractor in respect of the plant and/or materials identified in the Schedule to this Deed (the 'Plant/Materials') prior to delivery to site and/or incorporation in the Works, the Contractor has agreed to enter into this Deed. (C) This Deed is supplemental to the Contract. This Deed hereby witnesses as follows: 1 The Contractor warrants to the Employer that: 1.1 legal title to and property in the Plant/Materials is vested absolutely in the Contractor; 1.2 the Plant/Materials are free from all third party liens, charges and other encumbrances; 1.3 the

Article 12 Add the following new Article 12.7: Notwithstanding the provisions of Articles 12.1 to 12.6, if the Leaver is a Good Leaver, then the proportion of their Leaver’s Shares that may be the subject of a Sale Notice shall be that proportion of Leaver’s

What is a vexatious litigant? A vexatious litigant is, in the opinion of the High Court, a person who abuses their right to a fair trial and the right to bring proceedings to enforce or defend their rights by commencing unmeritorious claims or by using the court in such a way that their right to continue using the court has become subject to supervision by the court itself. In AG v Barker, the court described a vexatious litigant as: ‘Vexatious is a familiar term in legal parlance. The hallmark of a vexatious proceedings is in my judgement that it has little or no basis in law (or at least no discernible basis); that whatever the intention of the proceedings may be, its effect is to subject the defendant to inconvenience, harassment and expense out of all proportion to any gain likely to accrue to the claimant; and it involves an abuse of process of the court, meaning by that a use of the court process for a purpose or in a way which is significantly different

The use of ‘sham’ litigation which is 'manifestly unfounded' and has no other purpose but to put pressure on the other party to agree to the dominant company’s terms or otherwise force them out of business can amount to an abuse of a dominant position. The reasoning is that such litigation puts the weaker party in a situation where it has no option but to agree to the other party’s terms or otherwise puts it in violation of its own contractual or legal obligations and without redress.

Value for money.

A report setting out and evidencing assumptions and inputs and including financial appraisal(s) to establish the profitability of a proposed development and the level of planning obligations that can be provided.

STOP PRESS: A revised version of the National Planning Policy Framework was published on 17 August 2026. This content is being reviewed in light of the revised version. Contents • Context • Viability in national planning policy and guidance • Local planning policy and guidance • RICS 2021 Guidance on viability • Viability assessments in practice • Decision-taking and section 106 agreements • London • Build to rent • Transparency, viability and freedom of information • Viability evidence and risk of third party challenges • Glossary Context The English and Welsh planning system is plan-led. Each local planning authority (LPA) must prepare and maintain a development plan outlining the planning policies and land use priorities within their administrative area. Development plans set out opportunities for development and the form and scale of development that will be permitted in certain locations. Development plans also invariably set out policies on the provision of planning obligations to be entered into under section 106 of the Town and Country Planning