Attachment T - Escrow Retainage Opt-In Form.pdf

Attachment T is an Escrow Retainage Opt-In Form issued by the City of Fredericksburg, Virginia for the Courthouse Renovations contract (27-0011). The form is provided in accordance with the Code of Virginia Section 2.2-4334 and City of Fredericksburg Code Section 2-343, which require the City to offer contractors an option to utilize an escrow account procedure for the City's retainage funds. Contractors must complete this form to indicate their election; failure to submit the form results in an assumption that the contractor will not opt-in to the escrow account procedure.

The form requires the contractor to select one of two options: opting in to the City's Escrow Account Procedure or declining to opt-in. The contractor must provide their name, signature, and date to complete the form. This document serves as the contractual mechanism for contractors to exercise their statutory right to place retainage funds into an escrow account rather than allowing the City to hold those funds directly.