Get the free Retainage Escrow Agreement - Knoxville Utilities Board - kub

KNOXVILLE UTILITIES BOARD STANDARDS AND SPECIFICATIONS SECTION 00600 RETAIN AGE ESCROW AGREEMENT (REQUIRED ON AGREEMENTS OF $500,000 OR GREATER) THIS AGREEMENT, made this the day of, by and between

How to fill out retainage escrow agreement

How to fill out retainage escrow agreement:

1. Begin by reviewing the agreement document thoroughly. Familiarize yourself with the terms and conditions, as well as any specific requirements or provisions.
2. Fill in the introductory section of the agreement, which typically includes the names and contact information of the parties involved – the payor (usually the project owner or general contractor) and the escrow agent.
3. Specify the project details, such as the name and location of the project, the contract number, and any relevant dates.
4. Clearly state the retainage percentage, which is the amount that will be withheld from the contractor's payment until the completion of the project. This percentage is usually determined by the contract or industry standards.
5. Determine the conditions for releasing the retainage funds. This could include requirements such as the completion of specific milestones, the submission of necessary documentation or certifications, or a time period after project completion.
6. Include any additional provisions or requirements that are relevant to the project, such as retainage interest, dispute resolution procedures, or indemnification clauses. Ensure these provisions align with the applicable laws and regulations.
7. If necessary, attach any supporting documents or exhibits that are referenced in the agreement, such as the original construction contract or project specifications.
8. Review the completed agreement to ensure accuracy and completeness. Make any necessary corrections or additions before finalizing the document.

Who needs retainage escrow agreement:

1. Project owners or general contractors who want to ensure that funds are withheld as retainage during the course of a construction project.
2. Subcontractors and suppliers who want to understand the retainage terms and conditions established by the project owner or general contractor.
3. Escrow agents or third-party intermediaries who will be responsible for holding and disbursing the retainage funds according to the terms of the agreement.
4. Legal professionals or experts who may need to review or draft the retainage escrow agreement on behalf of their clients.

Note: It's important to consult with a legal professional or expert to ensure that the retainage escrow agreement complies with applicable laws and adequately protects the rights and interests of all parties involved.

For pdfFiller’s FAQs

How do I edit retainage escrow agreement in Chrome?

retainage escrow agreement can be edited, filled out, and signed with the pdfFiller Google Chrome Extension. You can open the editor right from a Google search page with just one click. Fillable documents can be done on any web-connected device without leaving Chrome.

Can I create an electronic signature for signing my retainage escrow agreement in Gmail?

Upload, type, or draw a signature in Gmail with the help of pdfFiller’s add-on. pdfFiller enables you to eSign your retainage escrow agreement and other documents right in your inbox. Register your account in order to save signed documents and your personal signatures.

How do I complete retainage escrow agreement on an iOS device?

In order to fill out documents on your iOS device, install the pdfFiller app. Create an account or log in to an existing one if you have a subscription to the service. Once the registration process is complete, upload your retainage escrow agreement. You now can take advantage of pdfFiller's advanced functionalities: adding fillable fields and eSigning documents, and accessing them from any device, wherever you are.