9-25-26-02-20 - ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION.pdf
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- Attached to
- HODGE ELEMENTARY REFRIGERATOR
- Solicitation number
- 25-26-02-20
- Issued by
- Los Angeles County, Anaheim City, California
About this file
This is an Escrow Agreement for Security Deposits in Lieu of Retention document issued by Azusa Unified School District for Class B General Building Contractor work. The agreement establishes the framework for contractors to substitute securities or cash deposits in place of retention earnings that would otherwise be withheld from progress payments under construction contracts, pursuant to California Public Contract Code Section 22300. The escrow arrangement allows contractors to deposit securities with an escrow agent equal to the cash retention amount required by the construction contract, or alternatively direct retention earnings be paid directly to the escrow agent. The Owner must make full progress payments to the Contractor when the Escrow Agent holds the required securities. Upon completion and written certification from the Owner that the Contract is final, complete, and the Contractor has complied with all requirements, the Escrow Agent shall release all securities and accrued interest to the Contractor, less applicable escrow fees and charges.
The Contractor bears responsibility for all fees and expenses incurred by the Escrow Agent in administering the account, with payment terms determined jointly by the Owner, Contractor, and Escrow Agent. All interest earned on securities or money market accounts held in escrow belongs exclusively to the Contractor and may be withdrawn at any time without notice to the Owner. Principal withdrawal requires written notice to the Escrow Agent accompanied by written authorization from the Owner. The Owner retains the right to draw upon securities in the event of contractor default, requiring seven days' written notice to the Escrow Agent to convert securities to cash. The document includes signature blocks for authorized representatives from the Owner, Contractor, and Escrow Agent, and references additional mandatory bid forms and contract documents including performance bonds, payment bonds, insurance requirements, and contractor certifications related to background checks and disabled veteran business enterprise participation.
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Text version
Escrow Agreement for Security Deposits in Lieu of Retention Azusa USD
ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION
This Escrow Agreement is made and entered into by and between the Azusa Unified School District, 546 South Citrus Ave., Azusa, CA 91702, hereinafter called “Owner”, and whose address is , hereinafter called “Contractor”, and whose address is , hereinafter called “Escrow Agent”.
For the consideration hereinafter set forth, the Owner, Contractor and Escrow Agent agree as follows:
1. Pursuant to Section 22300 of the Public Contract Code of the State of California, Contractor has the option to deposit securities with Escrow Agent as a substitute for Retention earnings required to be withheld by Owner pursuant to the Construction Contract entered into between the Owner and Contractor for in the amount of dated (hereinafter referred to as the “Contract”). Alternatively, on written request of the Contractor, the Owner shall make payments of the Retention earnings directly to the escrow agent. When Contractor deposits the securities as a substitute for Contract earnings, the Escrow Agent shall notify the Owner within ten (10) days of deposit. The market value of the securities at the time of the substitution shall be at least equal to the cash amount then required to be withheld as Retention under the terms of the Contract between the Owner and Contractor. Securities shall be held in the name of the Owner, and shall designate the Contractor as beneficial owner.
2. The Owner shall make progress payments to the Contractor for such funds which otherwise would be withheld from progress payments pursuant to the Contract provisions, provided that the Escrow Agent holds securities in the form and amount specified above.
3. When the Owner makes payments of Retentions earned directly to the Escrow Agent, the Escrow Agent shall hold them for the benefit of the Contractor until such time as the escrow created under this Contract is terminated. The Contractor may direct the investment of the payments into securities. All terms and conditions of this Agreement and the rights and responsibilities of the parties shall be equally applicable and binding when the Owner pays the Escrow Agent directly.
4. Contractor shall be responsible for paying all fees for the expenses incurred by Escrow Agent in administering the Escrow Account and all expenses of the Owner. These expenses and payment terms shall be determined by the Owner, Contractor, and Escrow Agent.
5. The interest earned on the securities or the money market accounts held in escrow and all interest earned on that interest shall be for the sole account of Contractor and shall be subject to withdrawal by Contractor at any time and from time to time without notice to the Owner.
6. Contractor shall have the right to withdraw all or any part of the principal in the Escrow Account only by written notice to Escrow Agent accompanied by written authorization from the Owner to the Escrow Agent that Owner consents to the withdrawal of the amount sought to be withdrawn by Contractor.
7. The Owner shall have a right to draw upon the securities in the event of default by the Contractor.
Upon seven (7) days’ written notice to the Escrow Agent from the Owner of the notice of default under Article 2.2, Article 9.6 or Article 14, the Escrow Agent shall immediately convert the securities to cash and shall distribute the cash as instructed by the Owner.
Azusa USD
8. Upon receipt of written notification from the Owner certifying that the Contract is final and complete, and that the Contractor has complied with all requirements and procedures applicable to the Contract, Escrow Agent shall release to Contractor all securities and interest on deposit less escrow fees and charges of the Escrow Account. The escrow shall be closed immediately upon disbursement of all moneys and securities on deposit and payment of fees and charges.
9. Escrow Agent shall rely on the written notifications from the Owner and the Contractor pursuant to Sections (5) to (8), inclusive, of this Agreement and the Owner and Contractor shall hold Escrow Agent harmless from Escrow Agent’s release and disbursement of the securities and interest as set forth above.
10. The names of the persons who are authorized to give written notice or to receive written notice on behalf of the Owner and on behalf of Contractor in connection with the foregoing, and exemplars of their respective signatures are as follows:
On behalf of Owner:
Title
Name
Signature
Address
On behalf of Contractor:
Azusa USD
On behalf of Agent:
At the time the Escrow Account is opened, the Owner and Contractor shall deliver to the Escrow Agent a fully executed counterpart of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement by their proper officers on the date set forth above.
OWNER CONTRACTOR
Title Title
Name Name
Signature Signature
| NOTICE INVITING BIDS |
| Class B – General Building Contractor |
| INSTRUCTIONS TO BIDDERS |
| Azusa Unified School District Business Department |
| ATTN: Purchasing Supervisor |
| CHECKLIST OF MANDATORY BID FORMS |
| BID FORM |
| 17. LIST OF COMPLETED PROJECTS (MANDATORY TO BE SUBMITTED WITH THE BID). |
| DESIGNATION OF SUBCONTRACTORS |
| DESIGNATION OF SUBCONTRACTORS FORM |
| INFORMATION REQUIRED OF BIDDER |
| List of References K-12 Public School Districts |
| List of Current Modernization Projects as Prime Contractor |
| List of Completed Modernization Projects as Prime Contractor |
| in the Last Ten (10) Years |
| (Use only when not using a Bid Bond) |
| DISABLED VETERAN BUSINESS ENTERPRISE (DVBE) PARTICIPATION STATEMENT |
| AGREEMENT FORM |
| PAYMENT BOND |
| PERFORMANCE BOND |
| GUARANTEE |
| ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION |
| INSURANCE DOCUMENTS & ENDORSEMENTS |
| DISABLED VETERAN BUSINESS ENTERPRISE (DVBE) CONTRACTOR CLOSE-OUT STATEMENT |
| CONTRACTOR CERTIFICATION REGARDING BACKGROUND CHECKS |
| ATTACHMENT A: |
| CONTRACTOR CERTIFICATION REGARDING BACKGROUND CHECKS |
| ARTICLE 1 DEFINITIONS |
| 1.1 BASIC DEFINITIONS |
| 1.2 EXECUTION, CORRELATION AND INTENT |
| 1.3 OWNERSHIP AND USE OF ARCHITECT’S DRAWINGS, SPECIFICATIONS AND OTHER DOCUMENTS |
| ARTICLE 2 DISTRICT |
| 2.1 INFORMATION AND SERVICES REQUIRED OF THE DISTRICT |
| WARNING: DISTRICT DOES NOT WARRANT THE SOILS AT THE PROJECT SITE. CONTRACTOR HAS REVIEWED AND IS FAMILIAR WITH THE REQUIREMENTS OF THE SOILS INVESTIGATION REPORT. CONTRACTOR UNDERSTANDS THAT PLANS, DRAWINGS AND SPECIFICATIONS SUPERSEDE THE SOILS REPOR... |
| 2.2 DISTRICT’S RIGHT TO CARRY OUT THE WORK DUE TO PARTIAL DEFAULT IN A SPECIFIC SEGREGATED AREA OF WORK (48 HOUR NOTICE TO CURE AND CORRECT) |
| 3.2 SUPERVISION |
| 3.3 LABOR AND MATERIALS |
| 3.4 WARRANTY |
| 3.5 TAXES |
| 3.6 PERMITS, FEES AND NOTICES |
| 3.7 SUBMITTALS REQUIRED AT THE COMMENCEMENT OF THE PROJECT |
| 3.8 DOCUMENTS, SAMPLES, AND COMPUTER AT THE SITE |
| 3.9 SUBMITTALS INCLUDING SHOP DRAWINGS, PRODUCT DATA, AND SAMPLES |
| 3.10 SUBSTITUTIONS |
| 3.11 INTEGRATION OF WORK |
| 3.12 CLEANING UP |
| 3.13 ACCESS TO WORK |
| 3.14 ROYALTIES AND PATENTS |
| 3.15 INDEMNIFICATION |
| 3.16 SUBMISSION OF DAILY REPORTS |
| 3.17 AS-BUILT DRAWINGS AND ANNOTATED SPECIFICATIONS |
| 3.18 EQUIPMENT MANUALS |
| 3.19 DIR REGISTRATION |
| 4.2 ARCHITECT’S ADMINISTRATION OF THE CONTRACT |
| 4.3 PROJECT INSPECTOR |
| 4.4 STOP WORK ORDER |
| 4.5 RESPONSIBILITY FOR ADDITIONAL CHARGES INCURRED BY THE DISTRICT FOR PROFESSIONAL SERVICES |
| 4.6 DISPUTES AND CLAIMS |
| ARTICLE 5 SUBCONTRACTORS |
| CONTRACTOR IS AWARE THAT THIS CONTRACT MAY BE SPLIT INTO SEVERAL PHASES BASED ON DOCUMENTATION PROVIDED WITH THIS BID OR DISCUSSED AT THE JOB WALK. CONTRACTOR HAS MADE ALLOWANCE FOR ANY DELAYS OR DAMAGES WHICH MAY ARISE FROM COORDINATION WITH CONTRACT... |
| 6.2 CONSTRUCTIVE OWNERSHIP OF PROJECT SITE AND MATERIAL |
| 6.3 DISTRICT’S RIGHT TO CLEAN UP |
| ARTICLE 7 CHANGES IN THE WORK |
| CONTRACTOR UNDERSTANDS, ACKNOWLEDGES, AND AGREES THAT THE REASON FOR THIS NOTICE REQUIREMENT IS SO THAT DISTRICT MAY HAVE AN OPPORTUNITY TO ANALYZE THE WORK AND DECIDE WHETHER THE DISTRICT SHALL PROCEED WITH THE CHANGE ORDER OR ALTER THE PROJECT SO TH... |
| 7.2 CHANGE ORDERS (“CO”) |
| 7.3 CONSTRUCTION CHANGE DOCUMENT (CCD Category A, and CCD Category B) and IMMEDIATE CHANGE DIRECTIVE (ICD) |
| 7.4 REQUEST FOR INFORMATION (“RFI”) |
| 7.5 REQUEST FOR PROPOSAL (“RFP”) |
| 7.6 CHANGE ORDER REQUEST (“COR”) |
| 7.7 COST OF CHANGE ORDERS |
| 8.2 HOURS OF WORK |
| 8.3 PROGRESS AND COMPLETION |
| 8.4 EXTENSIONS OF TIME - LIQUIDATED DAMAGES |
| ARTICLE 9 PAYMENTS AND COMPLETION |
| 9.2 COST BREAKDOWN |
| 9.3 PROGRESS PAYMENTS |
| 9.4 APPLICATIONS FOR PROGRESS PAYMENTS |
| 9.5 STOP NOTICE CLAIMS AND WARRANTY OF TITLE |
| 9.6 DECISIONS TO WITHHOLD PAYMENT |
| 9.7 NONCONFORMING WORK |
| 9.8 SUBCONTRACTOR PAYMENTS |
| 9.9 COMPLETION OF THE WORK |
| 9.10 PARTIAL OCCUPANCY OR USE |
| 9.11 COMPLETION AND FINAL PAYMENT |
| 9.12 SUBSTITUTION OF SECURITIES |
| 10.2 SAFETY OF PERSONS AND PROPERTY |
| 10.3 EMERGENCIES |
| 10.4 HAZARDOUS MATERIALS |
| 11.2 WORKERS’ COMPENSATION INSURANCE |
| 11.3 BUILDER’S RISK/ “ALL RISK” INSURANCE |
| 11.4 FIRE INSURANCE |
| 11.5 AUTOMOBILE LIABILITY |
| 11.6 OTHER INSURANCE |
| 11.7 PROOF OF INSURANCE |
| 11.8 COMPLIANCE |
| 11.9 WAIVER OF SUBROGATION |
| 11.10 PERFORMANCE AND PAYMENT BONDS |
| 4-343. Duties of the Contractor. |
| 12.2 SPECIAL NOTICE OF AMERICAN’S WITH DISABILITIES ACT |
| 12.3 UNCOVERING OF WORK |
| 12.4 CORRECTION OF WORK |
| ARTICLE 13 MISCELLANEOUS PROVISIONS |
| 13.2 SUCCESSORS AND ASSIGNS |
| 13.3 WRITTEN NOTICE |
| 13.4 RIGHTS AND REMEDIES |
| 13.5 TESTS AND INSPECTIONS |
| 13.6 TRENCH EXCAVATION |
| 13.7 WAGE RATES, TRAVEL, AND SUBSISTENCE |
| 13.8 RECORDS OF WAGES PAID |
| 13.9 APPRENTICES |
| 13.10 ASSIGNMENT OF ANTITRUST CLAIMS |
| 13.11 STATE AND DISTRICT CONDUCTED AUDITS |
| 13.12 STORM WATER POLLUTION PREVENTION |
| 13.13 PROJECT LABOR AGREEMENT |
| 14.2 TERMINATION BY THE DISTRICT FOR CAUSE |
| 14.3 TERMINATION OF CONTRACT BY DISTRICT (CONTRACTOR NOT AT FAULT) |
| 14.4 REMEDIES OTHER THAN TERMINATION |
| ARTICLE 15 DEBARMENT |
| 15.2 BOARD FINDING |
| 15.3 HEARING AND PRESENTATION OF EVIDENCE |
| ARTICLE 3 – THE CONTRACTOR |
| ARTICLE 8 – TIME |
| ARTICLE 11 – INSURANCE AND BONDS |
| ARTICLE 13.13 – PROJECT LABOR AGREEMENT |
| IMMEDIATE CONSTRUCTION CHANGE DIRECTIVE NO. |
| CERTIFICATE OF SUBSTANTIAL COMPLETION |
| Aggregate |
| Each Occurrence |
| $2,000,000 |
| $1,000,000 |
| Pollution Liability |
| INSURANCE SUBMITTALS FORM |
| 11.1.1 Specific Insurance Requirements |
File details come from the government source that posted it. Updated .