Title
General Services Department recommending Chairman be authorized to sign Escrow Agreement For Deposits In Lieu of Retention with R. T. English Construction Company, Inc. and Wells Fargo Bank for the Cameron Park Courthouse ADR Modular Building - Sitework Project, upon approval by County Counsel and Risk Management.
RECOMMENDED ACTION: Approve.
Body
BUDGET SUMMARY:
Total Estimated Cost $
Funding
Budgeted $
New Funding $
Savings $
Other $
Total Funding Available $
Change To Net County Cost $
Fiscal Impact/Change to Net County Cost: None
Background: On January 29, 2008 your Board award a construction contract to R. T. English Construction Company Inc. in the amount of $218,709.00. The contract is for the Cameron Park Courthouse ADR Modular Building - Sitework Project.
The County withholds 10% (retention) of each progress payment as work is completed, releasing this retention upon completion of the construction of the project. Pursuant to Section 22300 of the Public Contract Code of the State of California, a contractor has the option to deposit securities with an escrow agent and thereby receive these retention payments that would otherwise be held by the County. Alternatively, the contractor may request that the County pay the retention directly to an esrow agent where no securities would be required to be deposited with the escrow agent. The retention held by an escrow agent is released upon successful completion of the construction as determined by the Director of General Services.
In accordance with these provisions, R. T. English Construction Company Inc. has requested in writing that the County make payment of retention funds directly into an escrow account held at Wells Fargo Bank.
Action to be taken following Board approval:
Chairman will sign Escrow Agreement of Deposits In Lieu of Retention in triplicate where one original will be made available to each of the three e...
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