Common use of SUBSTITUTION OF SECURITY Clause in Contracts

SUBSTITUTION OF SECURITY. In accordance with Public Contract Code section 22300, the District will permit the substitution of securities for any moneys withheld by the District to ensure performance under the Construction Services Agreement. At the request and expense of the Contractors, securities equivalent to the amount withheld shall be deposited with the District, or with a state or federally chartered bank as the escrow agent, who shall then pay such moneys to the Contractor. Upon satisfactory completion of the Construction Services Agreement the securities shall be returned to the Contractor.

SUBSTITUTION OF SECURITY. In accordance with Public Contract Code section Section 22300, the District will permit the substitution of securities for any moneys withheld by the District to ensure performance under the Construction Services Agreement. At the request and expense of the ContractorsContractor, securities equivalent to the amount withheld shall be deposited with the District, or with a state or federally chartered bank as the escrow agent, who shall then pay such moneys to the Contractor. Upon satisfactory completion of the Construction Services Agreement the securities shall be returned to the Contractor.

SUBSTITUTION OF SECURITY. In accordance with Public Contract Code section 22300, the District will permit the substitution of securities for any Retention moneys withheld by the District District, pursuant to the Construction Services Agreement and the Sublease, to ensure performance under the Construction Services Agreement. At the request and expense of the ContractorsContractor, securities equivalent to the amount withheld shall be deposited with the District, or with a state or federally chartered bank as the escrow agent, who shall then pay such moneys to the Contractor. Upon satisfactory completion of the Construction Services Agreement the securities shall be returned to the Contractor.