Under an ECS option A contract, in relation to X16 (Retention), as a Subcontractor would we be able to offer a “Retention Bond” in an NEC3 ECS Option “A” contract by way of surety as an alternative to the provisions of Clauses X16.1 and X16.2, which have also been supplemented by a requirement for the Contractor to have full beneficial interest in the amount retained, without any fiduciary obligation?
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In relation to X16 : retention, the answer is “Yes, sort of” as the wording of these clauses would need to be modified to reflect the details of what you and the Contractor agree.
I suspect the devil will be in the detail of the bond itself.