SUBSTITUTION OF SECURITIES. Pursuant to Public Contract Code Section 22300, substitution of eligible equivalent securities for any funds withheld to ensure performance under this Agreement may be permitted at the request and sole expense of the Contractor. Alternatively, the Contractor may, pursuant to an escrow agreement in a form prescribed by Public Contract Code Section 22300, request payment of retentions funds earned directly to the escrow agent at the sole expense of the Contractor.
Appears in 6 contracts
Sources: Public Works Agreement, Public Works Agreement, Construction Agreement
SUBSTITUTION OF SECURITIES. Pursuant to Public Contract Code Section 22300, substitution of eligible equivalent securities for any funds withheld to ensure performance under this Agreement may be permitted at the request and sole expense of the Contractor. Alternatively, the Contractor may, pursuant to an escrow agreement in a form prescribed As provided by Public Contract Code Section 22300, Contractor may request payment of retentions funds earned directly in writing that it be allowed, at its sole expense, to substitute securities for the retention withheld by Owner. Any escrow agent at the sole expense of the Contractoragreement entered into pursuant to this provision will fully comply with Public Contract Code Section 22300, and will be subject to approvals to form by Owner’s legal counsel.
Appears in 1 contract
Sources: Construction Contract
SUBSTITUTION OF SECURITIES. Pursuant to Public Contract Code Section 22300, substitution of eligible equivalent securities for any funds withheld to ensure performance under this Agreement may be permitted at the request and sole expense of the Contractor. Alternatively, the Contractor may, pursuant to an escrow agreement in a form prescribed by Public Contract Code Section 22300, request payment of retentions funds earned directly to the escrow agent at the sole expense of the Contractor.. 5.7
Appears in 1 contract