Common use of Alternatively to Clause in Contracts

Alternatively to. Article 9.5.1, and at the request and expense of Contractor, the City will deposit retention directly with Escrow Agent. Contractor may direct the investment of such deposited retention into interest bearing accounts or securities, and such deposits or securities shall be held by Escrow Agent upon the same terms provided for securities deposited by Contractor. Contractor and its surety shall bear the risk of failure of the Escrow Agent selected.