§ 15-108. Escrow arrangements for retainage
West's Annotated Code of MarylandState Finance and Procurement
MD Code, State Finance and Procurement, § 15-108
§ 15-108. Escrow arrangements for retainage
(a) This section does not apply to any procurement contract funded with tax-exempt financing.
(b)(1) Subject to the requirements of this section, a contractor under a procurement contract that a unit awards for construction is entitled to have retainage under the procurement contract placed in an escrow account if the contractor:
(c) The escrow agreement shall:
(d) On compliance with the requirements of subsection (b) of this section, the unit shall pay the retainage to the escrow agent unless:
(e) In accordance with the escrow agreement, a contractor may require an escrow agent:
(f)(1) Retainage may be released to the contractor only as directed by the unit.
Credits
Added by Acts 1988, c. 399, § 3, eff. Oct. 1, 1988. Amended by Acts 2000, c. 621, § 1, eff. Oct. 1, 2000.
MD Code, State Finance and Procurement, § 15-108, MD STATE FIN & PROC § 15-108
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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