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Escrow Accounts
Contractors in New York state are required by law to place initial deposits in an escrow account. Remodeler Dett Otterbeck of Otterbeck Builders in Castleton, N.Y., says the practice works well for his company. When he receives the first payment on a project, he puts that money in an escrow account. “We don't draw on it until we offset it with the first receipts,” he says.
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