checks held in escrow on a municipal job
We are not bonded, but did the masonry work on a firehouse. Instead of putting up a bond, we wrote a check for the full amount of our contract (we took out a personal loan to do so). We were meant to understand that the money was to be held in escrow and we would get the original amount plus the interest at the end of the project. We recieved a check today for the original amount and were told that they didn't owe us any interest. Isn't that against the law?
Re: checks held in escrow on a municipal job
There is no law that says an escrow must be interest-bearing. You're lucky that the next lowest bidder did not sue, since the fire district broke the law in allowing an unbonded contractor to handle the job.
