The KSA holding account
The KSA Holding Account provides total piece of mind for customers and members alike.
This account offers a safe place for disputed funds, deposits and other payments and can be utilised at no cost to the consumer, at any time, on mutual agreement with the kitchen company.
It is standard industry practice to request payment as follows,
but some companies and KSA members will vary their policies:
- 50% deposit on signing of the contract
- 40% on delivery of materials to site
- 10% on completion of the project
If consumers are nervous about these payment terms the KSA holding account is the perfect compromise. The kitchen company can rest secure in the knowledge that you have the required funds while you retain control over the payment by signing release forms for the funds once the agreed upon mile stones are met.
Any interest earned on the funds in the holding account will be retained by the KSA to cover administrative costs. Any bank charges incurred to the KSA when funds are deposited will be deducted before the funds are paid out to the kitchen company.
Should you wish to deposit funds into the holding account an account deposit form must be submitted to the regional KSA office along with a proof of deposit.
In order for funds to be released from the account, an account release form must be submitted to the regional KSA office. If the release is for a final payment the release form must be accompanied by the signed off completion certificate from the Kitchen company. If the signed form does not come directly from the client then the KSA will verify that the signature is valid with the client.
In the event of a dispute the KSA will request that any outstanding funds are paid over into the holding account before getting involved. This will ensure that both parties involved in the dispute are on the same page and willing to work together to resolve it. Should the work be completed to the KSA's satisfaction and the client refuses to sign release or should the client disagree with the KSA's site inspection report the KSA will retain the funds in the holding account for a period of 90 days to allow the client to seek legal advice. Should the KSA receive no summons or should legal action not be instituted then the KSA will release the funds to the kitchen company. If legal action is instituted the KSA will continue to hold the funds pending the outcome.
Monies held by the KSA will be done so as a stakeholder on behalf of the KSA member and the member’s customer. Funds will not be released to either party without sign off. At no time will the monies deposited into the KSA holding account form part of the KSA’s funds and all funds are covered by the KSA’s director’s and liability insurance.
