§ 53.02  RETAINAGE.
   (A) The village may, in the specifications on each project, establish its payment procedure including the amount to be retained until completion of the project.  The village need not deposit the retained amount in an escrow account to accrue interest as may be required at any time by the Ohio Revised Code.  The retainer shall be released upon compliance with all requirements of the contract, except as otherwise provided in division (B) below.
   (B) The village may, in the specifications on each project, provide for the retention of a specified percentage of the entire cost of the contract during any specified guarantee period.  The village need not deposit the retained sum in an escrow account to accrue interest as may be required at any time by the Ohio Revised Code.  The retainer shall be released at the end of the guarantee period upon compliance with all requirements of the contract.
(Ord. C-655, passed 5-8-89)