SECURITIES IN LIEU OF RETENTION. 1. In accordance with Public Contract Code Section 22300, at the request and expense of Contractor, securities equivalent to amounts withheld may be deposited with the County, or with a State or federally chartered bank as escrow agent, who shall then pay such monies to Contractor. Upon satisfactory completion of the Work, securities shall be returned to Contractor.
SECURITIES IN LIEU OF RETENTION. Upon request to the District, the Contractor shall be permitted, in accordance with Public Contract Code Section 22300, to substitute securities in lieu of the Retention withheld by the District in order to ensure Contractor’s performance under the Contract. Alternatively, the Contractor may request that the District pay any Retention earned by Contractor directly to an escrow agent who shall, as directed by the Contractor, invest the Retention in securities. Any escrow agreement shall be substantially in the form set forth in, and any securities invested or substituted in lieu of Retention shall be of the type permitted pursuant to, Public Contract Code Section 22300. The Contractor shall be responsible for all costs (including, without limitation, the District’s costs) attributable to any investment or substitution of securities in lieu of Retention and/or any costs incurred in connection with establishing and maintaining an escrow account.
SECURITIES IN LIEU OF RETENTION a. In accordance with Public Contract Code section 22300, except where federal regulations or polices do not permit substitution of securities, the Contractor may substitute securities for any moneys withheld by the Agency to ensure performance of the Work. At the Contractor’s request and expense, securities equivalent to the amount withheld will be deposited with the Agency, or with a state or federally chartered bank in California as the escrow agent, who will then pay those moneys to the Contractor under the terms of an Escrow for Security Deposit agreement, in the form required by Public Contract Code section 22300(g). Upon satisfactory completion of the Work, the securities will be returned to the Contractor.
SECURITIES IN LIEU OF RETENTION. Pursuant to Public Contract Code Section 22300, Design-Build Entity may elect, in lieu of having progress payments retained by Owner, to deposit in escrow with Owner, or with a bank acceptable to Owner, securities eligible for investment under Government Code Section 16430, bank or savings and loan certificates of deposit, interest bearing demand deposit accounts, standby letters of credit, or any other security mutually agreed to by Design-Build Entity and Owner. If Design-Build Entity elects to submit securities in lieu of having progress payments retained by Owner, Design-Build Entity shall, at the request of any subcontractor performing more than 5% of Design-Build Entity’s total bid, make the same option available to the subcontractor.
SECURITIES IN LIEU OF RETENTION. 10.2.1. At the Contractor’s option, in lieu of the retention required in this section, the Owner will accept as a substitute an assignment of time certificates of deposits at banks licensed by this state, securities guaranteed by the United States of America, securities of this State, or shares of savings and loan institutions authorized to transact business in this State, as provided by A.R.S. §35-155 or §41-2576 and §41-2577, in an amount equal to the retention required, which shall be in the name of the Owner and be retained by the Owner as a guarantee for complete performance of this Contract. Copies of the certificates of deposit, securities or shares proposed for a particular Payment Application must be received by the Owner prior to the Owner’s processing the payment, and the original must be received by the Owner prior to release of payment to the Contractor. In the event the Owner accepts substitute securities as described in this Paragraph in lieu of the retention required, the Contractor shall be entitled to receive all interest or income earned by such securities as it accrues, unless Owner claims and damages exceed the value of the securities. All costs or compensation associated with the set up or administration of the securities shall be paid from the interest accrued on those securities.
SECURITIES IN LIEU OF RETENTION. Upon request and at the sole cost and expense of the Contractor, the District will permit substitution of securities in lieu of the District withholding Retention, as provided in Public Contract Code Section 22300. Subject to any restrictions in Public Contract Code Section 22300, the District shall have the right to direct or approve any or all such securities 58 19.10.3 Uncorrected Work 58 19.11 Payment of Construction Progress Payments 58 19.12 Final Payment to Contractor of Retention 59 19.13 District Issuance of Joint Checks 59 19.14 District Does Not Waive Rights by Inspecting, Approving or Paying 59 19.15 Stop Notices and Liens 60
SECURITIES IN LIEU OF RETENTION. Pursuant to Public Contract Code section 22300, Contractor may substitute securities for any moneys withheld as a retention by the City to ensure performance under the Contract. At the request and expense of Contractor, securities equivalent to the amount withheld shall be deposited with the City, or with a state or federally chartered bank in this state as the escrow agent, who shall then pay those moneys to Contractor. Upon satisfactory completion of the Contract, the securities shall be returned to Contractor.
SECURITIES IN LIEU OF RETENTION. Section 22300 of the California Public Contract Code mandates that the Contractor be permitted to substitute securities in place of any funds withheld by the District to ensure performance under a Contract. At the request and expense of the Contractor, securities equivalent to the amount withheld shall be deposited with the District or with a State or federally chartered bank in California as escrow agent, who shall then pay such moneys to the Contractor. Upon satisfactory completion of the Contract the securities shall be returned to the Contractor. Upon satisfactory completion of the Contract, the Contractor shall receive from the escrow agent, all securities, interest and payments received by the escrow agent from the District pursuant to the statute. The escrow agreement in regard to Section 22300 of the California Public Contract Code is set forth in the Contract Documents.
