UK Process Agent - Frequently Asked Questions
UK Process Agent FAQ
- How long does it take to establish a facility?
- What happens if you receive a legal notice?
- How do I make payment?
- When do I need to make payment?
- Can I have a discount?
- What else do you need in order to establish a facility?
- What do we get from you when you have set up the facility?
- I have my own confirmation letter. Can we use that?
- Will there be any other fees once the facility is established?
- My fixed term facility is expiring, but I still need it. What can I do?
- I no longer need my facility. How do I cancel?
- I have more questions. Who can I talk to?
Order Form FAQ
- Who should I put in as the appointor?
- Who should I put in as the contact?
- Who is the instructing party?
- Are we liable for VAT?
- What are the "legal documnets" referred to in section 4 of the order form?
- The agreement isn't finalised yet, what can I put in the "date" box?
- There isn't room on the form for all the details of my agreement(s). What can I do?
- What is the difference between annual and fixed term service?
- Do I need the arbitration service?
- Who needs to sign the form?
- I have more questions. Who can I talk to?
UK Process Agent FAQ
How long does it take to establish a facility?
If you have an urgent need for a process agent, we offer a guaranteed same day service. Completed order forms need to be received before 2pm UK time. If it is after 2pm, please contact us. It may still be possible for us to return the documentation on the same day, depending on the complexity of the appointment. These situations will be decided on a case by case basis. An additional fee (£175) is charged to guarantee the same day service.
Our standard turnaround times are 1-3 working days. We aim to return confirmations as efficiently as possible.
What happens if you receive a legal notice?
We will contact you as soon as the notice is received to inform you that this is the case. You will then have the option of whether you would like the notice scanned and sent to you via email (most clients’ preferred option), faxed, sent via Royal Mail or sent via a courier at an additional fee.
How do I make payment?
Once we have established the facility we will send you an invoice along with the rest of the documentation. The invoice provides details of how to make payment.
When do I need to make payment?
Settlement of the fee is due within 30 days of the invoice. To avoid potential delays, cleared payment is NOT necessary before we can establish the facility.
Can I have a discount?
Discounts are offered from time to time on facilities that are exceptional in their size, complexity or length of facility. Such discounts are discretionary and decided on a case by case basis.
What else do you need in order to establish a facility?
All we need from you is the order form, correctly completed and signed. No other documentation is necessary. We aim to make the process as simple and straightforward as possible.
What do we get from you when you have set up the facility?
Once the facility is established, we will send you a signed confirmation letter, a countersigned version of the order form you sent to us (this forms our contract with you) and our invoice.
I have my own confirmation letter. Can we use that?
The quickest and simplest way to appoint us is to make use of our standard confirmation letter. However it may be possible for us to use one provided by you. If you do require something more bespoke, contact us and we can discuss it. Any non-standard confirmation will need to be checked by our in-house legal counsel and will incur additional fees on a time spent basis.
Will there be any other fees once the facility is established?
For a fixed term appointment, usually not. An annual facility is invoiced each year until cancellation. Apart from this, we would only charge additional fees if you requested additional services, such as an amendment to an existing facility or an extension to one which is expiring.
My fixed term facility is expiring, but I still need it. What can I do?
We will write to you when your facility is expiring. If you find it is still needed, please let us know and we can arrange for it to be extended for you. If there have been no changes to the appointment, we can usually do with without the need for another order form.
I no longer need my facility. How do I cancel?
Just send us an email (or a letter or fax if you prefer) quoting the job number and instructing us to cancel. We will take care of the rest. Please bear us in mind if you need process agent services again.
I have more questions. Who can I talk to?
Please feel free to email us at [email protected] or call us on +44 (0)117 918 1389 and we will be happy to help in any way we can.
UK Process Agent Order Form FAQ
Who should I put in as the appointor?
The appointor is the entity or individual for whom we should be acting as process agent. The appointor may be the same as the contact, instructing party or invoicing party, but this is not necessarily the case.
Who should I put in as the contact?
The contact should be the person or persons who we should contact if we receive any legal notices on your behalf. We would prefer a named individual and full contact details to avoid any delays in making contact.
Who is the instructing party?
The instructing party is often the same as the appointor. But in case the appointor has a third party (such as a solicitor) who has been dealing with Vistra on their behalf, these details should be entered here.
Are we liable for VAT?
VAT is chargeable for any company based within the EU. If VAT has been paid locally and you can provide us with a VAT number, this will not be charged again by Vistra. Outside of the EU, VAT does not apply.
What are the “legal documents” referred to in section 4 of the order form?
These are the documents or agreements to which the service relates. Common examples are ISDA’s Shares Purchase Agreements or Facility Agreements. In other words this section is for you to tell us about the agreement you are entering into that necessitates the appointment of a process agent.
The agreement isn’t finalised yet, what can I put in the “date” box?
We do need a date of some description here, but it can be very vague. A month and year is acceptable, or else the format “on or around” may be used.
There isn’t room on the form for all the details of my agreement(s). What can I do?
If the space on the form is too small, please feel free to attach an additional page, or else give us the details in the body of the email to which you attach the form when sending it back to us. As long as the details are clear, we will work with whatever is most convenient for you.
What is the difference between annual and fixed term service?
Annual service is ideal if you are unsure how long your agreement is going to last. It is a rolling contract and we will simply send you a new invoice each year upon the anniversary of the facility until you ask us to cancel.
A fixed term contract runs until a fixed date predetermined by you. The whole of the fee is paid up front, but you will not be charged again unless you ask us to provide any further services. This option is very good value if you have a contract that you know will last for several years. Please see our fee schedule for further details.
However, once in place we are unable to make any amendments or additions to a fixed term facility. We are also unable to offer any refunds if the facility is cancelled before its expiry date.
Do I need the arbitration service?
Arbitration service is necessary if any legal notices you receive are likely to be in respect of arbitration proceedings. This is a separate service to the legal proceedings service and is charged separately. A discount of 50% to one service will be applied if both services are taken together.
Who needs to sign the form?
The order form is our contract and should therefore be signed by somebody with the legal authority to sign on behalf of their company. The signatory should be a representative of the entity or individual who will be responsible for paying the fee. In other words, it should be somebody who can legally sign for the invoicing party. It would be helpful if you could print your name below your signature, so that we can establish who has signed the form.
I have more questions. Who can I talk to?
Please feel free to email us at [email protected] or call us on +44 (0)117 918 1389 and we will be happy to help in any way we can.
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