Oregon Legislature tackles ‘escrow account’ rule in short session | Opinion
Last year, my colleague Matthew Berry wrote for the Daily Journal of Commerce an article that described the Oregon Legislature’s failed attempt to address the issues linked to the “escrow account” requirement included in House Bill 2415, which was enacted in 2019. Under that requirement in ORS 701.420(2)(b), retainage on private and public construction projects with contract prices exceeding $500,000 was required to be placed in an “interest-bearing escrow account.”
The concept of retainage, also called retention, is well-accepted in the construction industry.
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