--- In AsburyPark@yahoogroups.com, "Fred" <[EMAIL PROTECTED]> wrote:
>
>
> I think if the cost is higher the escrow and bond will increase.
>
The bonds definitely increase since they are supposed to be matched
to actual costs based upon the bids. The escrow never increases
above the amount initially set forth. I don't see anything that
allows that to be revisited. The moneys in escrow are released for
each project as it progresses. Let's just say the initial projects'
costs are substantially underestimated. If Partners balks at the
substantially higher costs when it learns of the costs, but prior to
posting a full perfromance bond for the costs, it has to decide
whether it walks away from the $1.5 million left in escrow. Agree,
once they post the bond, even if the costs are higher, there appears
to be no danger. However, again I have trouble with the escrow agent
being chosen at the sole discretion of Partners. If I were trying to
protect myself, this is not what I would agree to. These issues are
nominal in comparison to that there is absolutely no guarantee for
the total restoration. No matter how you slice, the council came up
empty in that regard. I hope it all goes well but Partners has
proven already that it can't be trusted.
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