ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION Clause Samples

ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into, as of , 20 , by and between South Orange County Community College District, whose address is 28000 ▇▇▇▇▇▇▇▇▇▇ Parkway, Mission Viejo, CA ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ called "DISTRICT;” , whose address is , hereinafter called "Contractor;" and, , whose address is For the consideration hereinafter set forth, the DISTRICT, Contractor, and ▇▇▇▇▇▇ Agent agree as follows:

ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. Pursuant to Public Contract Code §22300, eligible and equivalent securities may be substituted for any monies withheld by the District to ensure the Contractor’s performance under the Contract Documents at the request and expense of the Contractor and in conformity with the provisions of Public Contract Code §22300. The foregoing and the provisions of Public Contract Code §22300 notwithstanding, failure of the Contractor to request the substitution of eligible and equivalent securities for monies to be withheld by the District prior to submission of the first Payment Application shall be deemed the Contractor’s waiver of rights under Public Contract Code §22300. If timely request is made by the Contractor, the form of Escrow Agreement shall be as set forth in the Contract Documents. The foregoing is subject to the provisions of Article 8 of the General Conditions relating to Public Contract Code §22300 requirements.

ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into by and between: The CITY OF CORONA, hereinafter called “Owner,” whose address is ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ and (insert Contractor’s name), hereinafter called “Contractor,” whose address is _ _, and Union Bank of California, hereinafter called “Escrow Agent,” whose address is ▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Street, 8th Floor, Los Angeles, CA 90071. For the consideration hereinafter set forth, the Owner, Contractor and Escrow Agent agree as follows: Pursuant to Section 22300 of the Public Contract Code of the State of California, Contractor has the option to deposit securities with Escrow Agent as a substitute for retention earnings required to be withheld by Owner pursuant to the Construction Contract entered into between the Owner and Contractor for (insert project name) in the amount of $ dated (hereinafter referred to as the “Contract”). Alternatively, on written request of the Contractor, the Owner shall make payments of the retention earnings directly to the Escrow Agent. When Contractor deposits the securities as a substitute for Contractor earnings, the Escrow Agent shall notify the Owner within ten (10) days of the deposit. The market value of the securities at the time of the substitution shall be at least equal to the cash amount required to be withheld as retention under the terms of the Contract between the Owner and Contractor. Securities shall be held in the name of City of Corona, and shall designate the Contractor as the beneficial owner. All securities used as a substitute for retention earnings will be in compliance with the California State Government Code Section 16430. The Owner shall make progress payments to the Contractor for such funds which otherwise would be withheld from progress payments pursuant to the Contract provisions, provided that the Escrow Agent holds securities in the form and amount specified above. When the Owner makes payment of retention earned directly to the Escrow Agent, the Escrow Agent shall hold them for the benefit of the Contractor until the time that the escrow created under this contract is terminated. The Contractor may direct the investment of the payments into securities. All terms and conditions of this Agreement and the rights and responsibilities of the parties shall be equally applicable and binding when the Owner pays the Escrow Agent directly. Contractor shall be responsible for paying all fees for the expenses incurred by the Escrow Agent in ...

ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into by and between the Grass Valley School District, ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇, Grass Valley, CA 95945, hereinafter called “Owner”, and whose address is , hereinafter called “Contractor”, and whose address is , hereinafter called “Escrow Agent”. For the consideration hereinafter set forth, the Owner, Contractor and Escrow Agent agree as follows:

ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into on by and between: hereinafter called "Contractor,” and whose address is hereinafter called "Escrow Agent”.‌‌ For the consideration hereinafter set forth, the District, Contractor, and Escrow Agent agree as follows:

ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into by and between the Mother Lode Union School District, ▇▇▇▇ ▇▇▇▇▇ ▇▇. , Placerville, CA 95667, hereinafter called “Owner”, and whose address is , hereinafter called “Contractor”, and whose address is , hereinafter called “Escrow Agent”. For the consideration hereinafter set forth, the Owner, Contractor and Escrow Agent agree as follows:

ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. Account Number: Project Name: This Escrow Agreement is made and entered into by and between the NEWARK UNIFIED SCHOOL DISTRICT whose address is ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, Newark, CA 94560 (hereinafter referred to as "Owner") and whose address is (hereinafter called "Contractor") and whose address is (hereinafter called "Escrow Agent"). For the consideration hereinafter set forth, the Owner, Contractor, and Escrow Agent agree as follows:

ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into by and between the Washington Unified School District, located at ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, hereinafter called “Owner”, and whose address is , hereinafter called “Contractor”, and whose address is , hereinafter called “Escrow Agent”. For the consideration hereinafter set forth, the Owner, Contractor and Escrow Agent agree as follows:

ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into by and between Magnolia Public Schools, ▇▇▇ ▇. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, hereinafter called “Owner”, and _______________________ whose address is _____________________________________________, hereinafter called “Trade Contractor”, and _______________________ whose address is _________________________________, hereinafter called “Escrow Agent”. For the consideration hereinafter set forth, the Owner, Trade Contractor and Escrow Agent agree as follows: Pursuant to Section 22300 of the Public Contract Code of the State of California, Trade Contractor has the option to deposit securities with Escrow Agent as a substitute for Retention earnings required to be withheld by Owner pursuant to the Construction Contract entered into between the Owner and Trade Contractor for ______________________ in the amount of ________ dated _____________ (hereinafter referred to as the “Contract”). Alternatively, on written request of the Trade Contractor, the Owner shall make payments of the Retention earnings directly to the escrow agent. When Trade Contractor deposits the securities as a substitute for Contract earnings, the Escrow Agent shall notify the Owner within ten (10) days of deposit. The market value of the securities at the time of the substitution shall be at least equal to the cash amount then required to be withheld as Retention under the terms of the Contract between the Owner and Trade Contractor. Securities shall be held in the name of the Owner, and shall designate the Trade Contractor as beneficial owner. The Owner shall make progress payments to the Trade Contractor for such funds which otherwise would be withheld from progress payments pursuant to the Contract provisions, provided that the Escrow Agent holds securities in the form and amount specified above. When the Owner makes payments of Retentions earned directly to the Escrow Agent, the Escrow Agent shall hold them for the benefit of the Trade Contractor until such time as the escrow created under this Contract is terminated. The Trade Contractor may direct the investment of the payments into securities. All terms and conditions of this Agreement and the rights and responsibilities of the parties shall be equally applicable and binding when the Owner pays the Escrow Agent directly. Trade Contractor shall be responsible for paying all fees for the expenses incurred by Escrow Agent in administering the Escrow Account and all expenses of...