Finance Committee - Agenda - 10/3/2018 - P132
ARTICLE li- RETAINAGE
1. The OWNER will retain a portion of the progress payment, each month, in accordance with the
following procedures:
a. The OWNER will establish an escrow account in the bank of the OWNER’s
choosing. The account will be established such that interest on the principal will be
paid to the CONTRACTOR. The principal will be the accumulated retainage paid
into the account by the OWNER. The principal will be held by the bank, available
only to the OWNER, until termination of the contract.