Common use of SUBSTITUTION OF SECURITIES Clause in Contracts

SUBSTITUTION OF SECURITIES. A. Pursuant to the requirements of Public Contract Code Section 22300, upon CONTRACTOR’S request, DISTRICT will make payment to CONTRACTOR of any earned retention funds withheld from payments under this Contract if CONTRACTOR deposits with the DISTRICT or in escrow with a California or federally chartered bank acceptable with DISTRICT, securities eligible for investment pursuant to Government Code Section 16430 or bank or savings and loan certificates of deposit. Any escrow agreement shall be substantially similar to the form included with the Contract Documents and set forth in Public Contract Code 22300.