Maryland Code, STATE FINANCE AND PROCUREMENT 15-107
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Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 15-107
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
After a unit pays a semifinal estimate on a procurement contract, the unit shall place any retainage remaining in its possession in an interest bearing escrow account.