Washington Reassignment of Savings Account or Time Deposit — Construction Contractors is a security agreement used by construction contractors in Washington State. This agreement allows a contractor to assign or transfer a savings account or time deposit to another party as a means of securing payment of a construction contract. The agreement is usually made between the contractor and the financial institution that holds the savings account or time deposit, and outlines the terms of the transfer. There are two types of Washington Reassignment of Savings Account or Time Deposit — Construction Contractors: revocable and irrevocable. A revocable assignment of savings account or time deposit allows the contractor to cancel the assignment at any time, while an irrevocable assignment is permanent and non-cancelable. Both types of agreements are subject to Washington State law.
Washington Reassignment of Savings Account or Time Deposit - Construction Contractors
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