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.
Structure Maryland Statutes
Division II - General Procurement Law
Title 15 - Procurement Contract Administration and Dispute Resolution
Subtitle 1 - Procurement Contract Administration
Section 15-101 - "Invoice" Defined
Section 15-102 - Required Information
Section 15-103 - Payment by State
Section 15-104 - Interest on Late Payments
Section 15-105 - Interest Not Payable
Section 15-106 - Disputes by Units on Payment