[Seven-Delta-FortyOne]

I believe it's called a "Joint Control Account", where the client deposits funds for each phase ahead of time, and it requires both the client and Contractor signatures to remove the funds.

Who administers these accounts? Bank, or Escrow company?


I assume it's just a bank account with 2 signers, and set up so no single person can withdraw.


Anyone used these?


Thanx


Delta

 

[SDel Prete]

I'd be interested to hear some replies. Personally I've been great at clients to use my pay schedule with a check to the company. No check, then work stops. Milestones are spelled out and agreed upon at contract signing.

 

[Seven-Delta-FortyOne]

Because one thing I was wondering is, if the Contractor fails to complete the job, how does the client have the ability to remove the funds, if it's just a bank account with two signers?