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

Vermont Statutes

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

Vermont·Title 19 Title 19: Highways·Ch. 1 Chapter 001: State Highway Law; General Transportation Provisions

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.

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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.

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