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Thread: GC's forced to pay subs from escrow

  1. #1
    Join Date
    Jul 2005
    Location
    LA basin, CA
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    1,751

    GC's forced to pay subs from escrow

    Sub-contractors owed 8-Billion in UK, trades trying to follow Australia, by forcing GC's to hold money in escrow.
    http://www.ecmweb.com/construction/m...entions-action
    Roger Ramjet NoFixNoPay

  2. #2
    Join Date
    Jun 2016
    Location
    Tampa, FL, USA
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    1,377
    Sounds like an excellent idea. Everybody is protected.

  3. #3
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    Apr 2003
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    Planet macmikeman
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    3,443
    Performance and payment bond. Same thing.
    85deg. an Sunny today.

  4. #4
    Join Date
    Jul 2007
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    Clark County, NV
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    1,098
    Deleted.

  5. #5
    Join Date
    Jul 2005
    Location
    LA basin, CA
    Posts
    1,751
    Quote Originally Posted by macmikeman View Post
    Performance and payment bond. Same thing.
    Depends who's first in line. If suppliers & banks get paid first, Bond is gone before any Subs get some.
    Roger Ramjet NoFixNoPay

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