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(30 ILCS 500/30-25)
Sec. 30-25. Retention of a percentage of contract price.
Whenever any contract
entered into by a construction agency for the repair, remodeling,
renovation, or construction of
a building or structure, for the construction or maintenance of
a highway, as those terms are
defined in Article 2 of the Illinois Highway Code, for the construction or maintenance of facilities as that term is defined under Section 1-10 of the Illinois Power Agency Act, or for the
reclamation of abandoned lands as
those terms are defined in Article I of the Abandoned Mined Lands
and Water Reclamation Act
provides for the retention of a percentage of the contract price
until final completion and
acceptance of the work, upon the request of the contractor and
with the approval of the
construction agency the amount so retained may be deposited under
a trust agreement with an
Illinois bank or financial institution of the contractor's choice and subject
to the
approval of the construction agency.
The contractor shall receive any interest on the deposited amount.
Upon application by the
contractor, the trust agreement must contain, at a minimum, the
following provisions:
(1) the amount to be deposited subject to the trust;
(2) the terms and conditions of payment in case of |
| default by the contractor;
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(3) the termination of the trust agreement upon
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| completion of the contract; and
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(4) the contractor shall be responsible for obtaining
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| the written consent of the bank trustee and for any costs or service fees.
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The trust agreement may, at the discretion of the
construction agency and upon request
of the contractor, become effective at the time of the first
partial payment in accordance with
existing statutes and rules.
(Source: P.A. 95-481, eff. 8-28-07.)
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