The Funder must be repaid by the Client if the debtor fails to pay.
Charge or Debenture holders look to isolate and recover their charges and have no duty to unsecured creditors
Gives security to the property owner that the tenant can pay their rent.
Issued in favour of an employer where they have agreed to waive their right to deduction of retention monies from sums owed to the contractor for work performed. The bond represents the retention percentage, which usually ranges between 3% and 5% of contract price.
Risks Attaching Policy
A policy under which cover attaches based on shipment dates and where the shipment date (but not necessarily the loss) must occur within the policy period. See also Losses Arising Policy.
This was one of the original Retention of Title clauses used in the timber trade and set the standard for today’s wordings.