Escrow Procedures Mobile App
The Escrow Procedures app will provide details of how the contractor can receive payment for any securities from the Trustees.
How does it work?
The contractor must get approval from the Board of Trustees before any escrow payment can be made. Once the Request for Securities Transaction has been approved, the Trustees will appoint the Treasurer of the State Treasurer's Office to be the Escrow Agent. The Trustees Escrow Agreement has all conditions that must be met before any release of monies to the contractor.
The Escrow Agreement must be signed by the Contractor, the Escrow Agent, and the Trustees. All parts of the agreement, plus the surety's consent should all be signed and a copy given to each representative. The Escrow Agreement will not be established for projects that have pending claims or litigation, bad performance, or poor progress on the construction.