The Federal Acquisition Regulation shall provide alternatives to payment bonds as payment protections for suppliers of labor and ... letter of credit as one of the selected alternatives: (i) a payment bond; (ii) an irrevocable letter of credit (ILC); ( iii) a tripartite escrow agreement. ... The escrow agreement shall establish the terms of payment under the contract and of resolution of disputes among the parties.
|Title||:||Payment Bond Manual|
|Author||:||Wayne D. Lambert, Todd R. Braggins, J. Blake Wilcox|
|Publisher||:||American Bar Association - 2006-01-01|