Tripartite escrow service agreement can be canceled at any time. After an account is established, you can request as many Tripartite escrow agreements, the fees are as follows:
Tripartite Escrow Agreements Fee:
1. Escrow fee rate is 2% of the contract amount.
2. Change orders fee rate is 0%, (no extra cost).
1. When Government approve the tripartite escrow agreement, contractor will be invoiced.
1. Setting up Tripartite Escrow account with TEC is FREE.
2. Cashier’s checks are FREE for each Payment Authorization Form.
3. Change orders are FREE, no extra cost.
4. Redrafting services for each addition to an escrow agreement is FREE.
5. Mail escrow agreement FREE to you and government via USPS, Priority Mail.
6. Mail cashier’s checks FREE to you and supplier/subcontractor via USPS, Priority Mail.
7. Wire transfers are $50.00 for each Payment Authorization Form.