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

Ill. Admin. Code tit. 92, § 5.150

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