SECTION 150

(1) Any contract concluded in accordance with the provisions of this code may be used as security, subject to any form of transfer of claim. (2) The security provided for in (1) above shall be in the form of a synallagmatic contract between the Administration’s contracting partner and a third party called “secured creditor”. (3) The secured creditor shall notify in writing or serve the Project Owner or the Delegated Project Owner and the accounting officer in charge of payment with a certified true copy of the original security document. 59 (4) With effect from the date of notification or service referred to in (3) above and except where he is unable to pay, the accounting officer in charge of payment shall pay directly to the secured creditor the amount of the claim or part thereof given to him as security. (5) Where the security was provided for several claimants, each of them shall receive the percentage of the claim assigned to him in the slip, the entries of which shall be notified or served on the accounting officer in charge of payment. (6) After the security is notified or served, there may be no modification in the designation of the accounting officer in charge of payment, or the payment terms and conditions, except in this latter case, with the written approval of the secured creditor. (7) The secured creditor shall, in writing, grant release of the notifications or service of the security to the accounting officer in charge of payment, custodian of the security document provided for in (3) above. It shall take effect from the second working day following receipt by the accounting officer in charge of payment of the document informing him thereof. (8) Only preferential claims provided for by laws or regulations in force shall take precedence over the rights of secured or subrogated creditors.