18 Upon clearing of funds in the PBA, the PBA Bank will contact Bank will contact the Contractor on the Contractor by phone to confirm its approval to make the phone number provided in the payments listed on the Authorisation. Bank Mandate or as otherwise advised directly to Bank by Once confirmation is received from the Contractor, payments Contractor. are made from the PBA to the Contractor and the Named Supplier(s) accounts for the amounts listed in the Employer funds will normally take Authorisation. 3 days to clear before the transfer can complete. The PBA Bank generates automatic email/text message to the PM and the Contractor to inform them of transfers of funds out of the PBA. 19 PM checks payments have been made correctly. By reference to email received. Abbreviations: PBA Project Bank Account PM Project Manager (as defined within the NEC3 contract) QS Quantity Surveyor CoPE Centre of Procurement Expertise PA Payment Authorisation PBA Bank The bank providing the Project Bank Account. ITT Invitation To Tender List of Template documents: Project Bank Accounts Process Step by Step Guide (Form NCG0) – Request to Open a Project Bank Account (Form NCG1) Project Bank Account - Trust Deed (Form NCG2) Project Bank Account - Bank Mandate (Form NCG3) Project Bank Account - Joining Deed (Form NCG4) Project Bank Account - Authorisation (Form NCG5) Project Bank Account PBA Facility Specification (Form NCG6) –
18 Upon clearing of funds in the PBA, the PBA Bank will contact the Contractor by phone to confirm its approval to make payments listed on the Authorisation. Once confirmation is received from the Contractor, payments are made from the PBA to the Contractor and the Named Supplier(s) accounts for the amounts listed in the Authorisation. The PBA Bank generates automatic email/text message to the PM and the Contractor to inform them of transfers of funds out of the PBA. Bank will contact the Contractor on the phone number provided in the Bank Mandate or as otherwise advised directly to Bank by Contractor. Employer funds will normally take 3 days to clear before the transfer can complete. 19 PM checks payments have been made correctly. By reference to email received. Abbreviations: PBA Project Bank Account PM Project Manager (as defined within the NEC3 contract) QS Quantity Surveyor CoPE Centre of Procurement Expertise PA Payment Authorisation PBA Bank The bank providing the Project Bank Account. ITT Invitation To Tender List of Template documents: Project Bank Accounts Process – Step by Step Guide (Form NCG0) Request to Open a Project Bank Account (Form NCG1) Project Bank Account - Trust Deed (Form NCG2) Project Bank Account - Bank Mandate (Form NCG3) Project Bank Account - Joining Deed (Form NCG4) Project Bank Account - Authorisation (Form NCG5) Project Bank Account – PBA Facility Specification (Form NCG6)