Indiana Administrative Code
Title 80 - STATE FAIR COMMISSION
Article 9 - COMMISSION WORKS
Rule 6 - Bonding; Escrow; Retainages
Section 6-2 - Contract provisions for retainage of payments; escrow accounts and agreements
Current through March 20, 2024
Authority: IC 15-13-2-9
Affected: IC 15-13-2
Sec. 2.
(a) If the cost of a commission works project is at least one hundred fifty thousand dollars ($150,000), the consulting engineer or architect shall include, as part of the commission works contract, provisions for the retainage of portions of payments by the commission to the contractor, by the contractor to subcontractors, and for the payment of subcontractors. The contract must provide that the commission may withhold from the contractor sufficient funds from the contract price to pay subcontractors as provided in section 4 of this rule.
(b) A commission works contract and contracts between contractors and subcontractors, if portions of the commission works contract are subcontracted, must include a provision that at the time any retainage is withheld, the commission or the contractor, as the case may be, may place the retainage in an escrow account with:
(c) The escrow agreement must provide the following:
When it receives this notice, the escrow agent shall promptly pay the designated portion of escrowed principal and the same proportion of the escrowed income to the persons designated in the notice.
(d) The escrow agreement may include other terms and conditions that are not inconsistent with subsection (c). Additional provisions may include provisions: