Upon satisfactory completion of the contract work and full settlement or payment of all damages, claims, or liabilities incurred in connection with the contract work, the retained percentage and any interest accrued, shall be paid to the contractor or consultant. If the escrow conditions are not fulfilled, then the Agency shall be paid the retained percentage and any interest accrued or such amount necessary to settle or pay the damages, claims, or liabilities.
Vt. Stat. Ann. tit. 19, § 11c
Deposit in escrow account of amounts retained from progress payments
Added 1993, No. 27, § 2.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.