§ 11c - Deposit in escrow account of amounts retained from progress payments - Vermont Statutes

§ 11c. Deposit in escrow account of amounts retained from progress payments

Upon satisfactory completion of the contract work and full settlement or payment of all damages, claims or liabilities incurred in connection with the contract work, the retained percentage and any interest accrued, shall be paid to the contractor or consultant. If the escrow conditions are not fulfilled, then the agency shall be paid the retained percentage and any interest accrued or such amount necessary to settle or pay the damages, claims or liabilities. (Added 1993, No. 27, § 2.)