Since 13 November 2017, CHAPS is no longer provided by the CHAPS Clearing Company Limited. CHAPS is now operated by the Bank of England.
Subsequently, the definition of ‘clearing bank’ in the Standard Conditions of Sale and the Standard Commercial Property Conditions are now incorrect. A special condition will now be required, deleting the definition of ‘clearing bank’ and replacing it with another.
The Law Society suggests the following: ‘Clearing bank’ means a bank which is a direct participant in the CHAPS system operated by the Bank of England.
