Ill. Admin. Code tit. 92, § 5.150 - Funds Control Process
Current through Register Vol. 46, No. 15, April 8, 2022
a) The
Fund Control Agent or Agents shall direct the Escrow Agent to disburse escrow
funds to the DBE for eligible expenses in accordance with written directive
from the DBE and as supported by the contract.
b) The DBE will have full authority to direct
the Fund Control Agent or Agents to disburse funds on its behalf. The DBE will
have full authority to make other business decisions as is required to maintain
its commercially useful function as a DBE.
c) A DBE subcontractor, at any tier, will be
required to provide lien waivers, releases, material certifications and
certified payrolls to the prime contractor as may be required by the
subcontract agreement. A DBE subcontractor, at any tier, will also be required
to provide lien waivers, releases, material certifications and certified
payrolls to the Fund Control Agent or Agents, as may be required for
disbursement of funds pursuant to this Part.
Notes
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