Revisions to Standard Conditions of Sale and Standard Commercial Property Conditions
Following our announcement last November about the Bank of England's takeover of the direct delivery of the Clearing House Automated Payment System (CHAPS), and its impact on the definition of 'clearing bank' in the Standard Conditions of Sale and Standard Commercial Property Conditions, revisions to these conditions have now been settled by Oyez Professional Services Ltd and the Law Society, which jointly own the copyright.
The new wording is:
‘clearing bank’ means a bank admitted by the Bank of England as a direct participant in its CHAPS system.
It supersedes the suggested wording contained in our announcement.
Since this is the only change being made to the current editions, we do not intend to publish new editions of the conditions, but instead are naming the new forms as:
- the Standard Conditions of Sale (Fifth Edition - 2018 Revision)
- Standard Commercial Property Conditions (Third Edition- 2018 Revision)
The revised versions of the Standard Conditions of Sale and Standard Commercial Property Conditions will not be available before 26 March. They will be available through our usual suppliers from 26 March:
These will also be available on our residential property and commercial property pages.