Common use of SECURITIES IN LIEU OF RETENTION Clause in Contracts

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. 2. Securities eligible for investment under this section shall include those listed in 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 Contractor and County. 3. Contractor shall be the beneficial Owner of any securities substituted for monies withheld and shall receive any interest thereon. 4. Any escrow agreement shall be null, void and unenforceable unless it is substantially similar to the form set forth in Public Contract Code Section 22300(f).

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. 2. Securities eligible for investment under this section shall include those listed in 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 Contractor and County. 3. Contractor shall be the beneficial Owner of any securities substituted for monies withheld and shall receive any interest thereon. 4. Any escrow agreement shall be null, void and unenforceable unless it is substantially similar to the form set forth in Public Contract Code Section 22300(f).