McCarthy Building Companies v. City of St. Louis

KATHIANNE KNAUP CRANE, Judge.

This case involves a dispute over the terms of an escrow option in lieu of retain-age in a construction contract. The contractors filed a lawsuit to obtain a declaratory judgment that they had a contractual right to place money or securities in escrow equal to ten percent retainage and earn interest on the funds in escrow and to obtain damages for breach of contract when the owner refused to allow the contractors to establish an escrow account on which contractors would earn interest. The trial court entered a judgment in which it dismissed the contractors’…