Ideaworks are creators of lighting, digital art, shading and entertainment technology for the world's finest homes and superyachts. We work closely with teams from conception, through design, installation and long-term, dedicated aftercare.
We recognise the vital role that fair payment practices play in fostering a sustainable and collaborative construction industry.
In particular, we acknowledge the impact of construction retentions on the cash flow and financial stability of our supply chain partners.
To promote fairness, transparency, and financial security, we hereby commit to the principles outlined in this charter.
We believe in waiving or not requiring retentions for contracts with a total value of up to £100,000. We agree to waive any rights to retain funds from our supply chain partners. Supply chain partners will be paid 100% of the amounts due on a month-to-month basis, without any deductions for retention.
For all contracts with a total value exceeding £100,000, we agree to deposit any retention monies withheld into an independent, third-party escrow or managed retention deposit scheme. Retentions will be safeguarded to ensure that they are available for release upon satisfactory completion of works, protecting supply chain partners in the event of the paying party's insolvency.
Transparency: We will maintain open and honest communication regarding retention practices and ensure all contractual terms relating to retention are clear and readily understandable.
Timely Release: Any retention withheld and protected will be released promptly upon the fulfilment of contractual obligations and in accordance with the agreed timelines, in any event releasing not less than 50% on practical completion.
Advocacy: We will promote the principles of this charter within the industry and encourage other organisations to adopt similar commitments.
We welcome and encourage support from all construction sector participants, from Employers, developers and Government, to designers and consultants, main contractors, sub-contractors, specialists, suppliers and all of the professional services providers who, in turn, support them.
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