5-16-5.5-0.1. Application of Certain Amendments to Chapter
Sec. 0.1. The amendments made to section 2 of this chapter by P.L.133-2007 apply only to public works contracts entered into after June 30, 2007. As added by P.L.220-2011, SEC.98.
5-16-5.5-1. Definitions
Sec. 1. As used in this chapter: “State agency” means the state of Indiana or any commission or agency created by law. “Agent” shall include any board, commission, trustee, officer or agent which acts on behalf of a state agency. “Public building”, “public work” and “public improvement” or combinations thereof shall be construed to include […]
5-16-5.5-2. Contracts Governed by This Chapter
Sec. 2. To the extent that this chapter is applicable, all contracts between a contractor and a state agency concerning any public building, work, or improvement entered into after May 1, 1972, and which contracts are in excess of two hundred thousand dollars ($200,000) are to be governed by the provisions of this chapter, as […]
5-16-5.5-3. Retainage; Escrow Agreement
Sec. 3. Any state agency which enters into a contract for any public building, work or improvement, and any contractor subcontracting portions of such contract, which contracts contain provision for retainage shall include in their respective contracts a provision that at the time any retainage is withheld, the state agency and/or contractor shall place such […]
5-16-5.5-3.1. Escrow Accounts; Establishment and Maintenance; Fee; Schedule
Sec. 3.1. The treasurer of state may charge a reasonable fee for services that the treasurer renders in connection with the establishment and administration of escrow accounts. If the treasurer charges such fee, the treasurer shall prepare a fee schedule and make it available to the contractor. Any fee must be paid by the contractor […]
5-16-5.5-3.5. Retainage; Options to Determine Amount
Sec. 3.5. (a) To determine the amount of retainage to be withheld, a state agency shall elect one (1) of the following options: (1) Withhold no more than ten percent (10%) nor less than six percent (6%) of the dollar value of all work satisfactorily completed until the public work is fifty percent (50%) complete, […]
5-16-5.5-4. Performance Bond; Incremented Bonding; Release or Discharge of Surety; Waiver of Bond Requirements for Certain State Educational Institution Projects
Sec. 4. (a) This section does not apply to a contract entered into by a state educational institution if: (1) the amount to be paid under the contract is less than five hundred thousand dollars ($500,000); and (2) the state educational institution agrees to waive the requirement. (b) At the time of entering into any […]
5-16-5.5-5. Payment of Subcontractor; Certification of Receipt
Sec. 5. Within ten (10) days of the receipt of any payment by the state agency or escrow agent, the contractor or escrow agent shall pay all subcontractors with whom he has contracted their share of the payment the contractor received based upon the service performed by the subcontractor. The contractor shall furnish upon request […]
5-16-5.5-6. Payment of Contractor; Uncompleted Minor Items
Sec. 6. The contractor shall be paid in full including all escrowed principal and escrowed income by the state agency and escrow agent within sixty-one (61) days following the date of substantial completion, subject to IC 5-16-5. If at that time there are any remaining uncompleted minor items, an amount equal to two hundred percent […]
5-16-5.5-7. Suit Against Surety; Time Limitation
Sec. 7. All suits must be brought against a surety on a bond required by this chapter within one (1) year after the completion of the work or service in question. Formerly: Acts 1972, P.L.44, SEC.1.
5-16-5.5-8. Conflicting Laws
Sec. 8. This chapter shall not be construed as conflicting with any other laws for the protection of labor, subcontractors or materialmen, but is supplemental thereto. Formerly: Acts 1972, P.L.44, SEC.1.