Common use of Substituted Security Clause in Contracts

Substituted Security. In accordance with Public Contract Code Section 22300 and at the request and expense of XXXX, Owner will accept securities equivalent to any amount withheld by Owner to ensure complete and proper performance under the Contract Documents, including the amount withheld as Retention under the “Payments” Section of the General Conditions. Substituted securities must meet the requirements of Public Contract Code Section 22300 and shall be deposited with Owner or with a California or federally chartered bank in California as escrow agent. The securities shall be held by the escrow agent subject to a written escrow agreement between Owner, XXXX, and escrow agent, which agreement shall be in a form substantially similar to that contained in Public Contract Code Section 22300.

Substituted Security. In accordance with Public Contract Code Section 22300 and at the request and expense of XXXXD-BE, Owner will accept securities equivalent to any amount withheld by Owner to ensure complete and proper performance under the Contract Documents, including the amount withheld as Retention under the “Payments” Section of the General Conditions. Substituted securities must meet the requirements of Public Contract Code Section 22300 and shall be deposited with Owner or with a California or federally chartered bank in California as escrow agent. The securities shall be held by the escrow agent subject to a written escrow agreement between Owner, XXXXD-BE, and escrow agent, which agreement shall be in a form substantially similar to that contained in Public Contract Code Section 22300.

Substituted Security. In accordance with Public Contract Code Section 22300 and at the request and expense of XXXX, prior to the award of the contract, Owner will accept securities equivalent to any amount withheld by Owner to ensure complete and proper performance under the Contract Documents, including the amount withheld as Retention under the “PaymentsPAYMENTS” Section of the General Conditions. Substituted securities must meet the requirements of Public Contract Code Section 22300 and shall be deposited with Owner or with a California or federally chartered bank in California as escrow agent. The securities shall be held by the escrow agent subject to a written escrow agreement between Owner, XXXX, and escrow agent, which agreement shall be in a form substantially similar to that contained in Public Contract Code Section 22300.