Indiana Administrative Code
Title 80 - STATE FAIR COMMISSION
Article 9 - COMMISSION WORKS
Rule 6 - Bonding; Escrow; Retainages
Section 6-3 - Amount of retainage withheld

Universal Citation: 80 IN Admin Code 6-3

Current through March 20, 2024

Authority: IC 15-13-2-9

Affected: IC 15-13-2

Sec. 3.

(a) To determine the amount of retainage to be withheld, the commission shall elect one (1) of the following options:

(1) To withhold no more than ten percent (10%) of the dollar value of all work satisfactorily completed until the commission work is substantially complete.

(2) To withhold no more than five percent (5%) of the dollar value of all work satisfactorily completed until the commission work is substantially complete.

(b) If upon substantial completion of the work there are any remaining uncompleted minor items, the commission shall withhold, until those items are completed, an amount equal to two hundred percent (200%) of the value of each item as determined by the consulting engineer or architect.

(c) As approved by the executive director and director of facility maintenance, or his or her designee, the commission may choose to release a portion of retainage under certain circumstances, including, but not limited to, the following:

(1) Lengthy time frame to project completion.

(2) The dollar amount of the retainage is more than sufficient to complete any remaining work.

(3) Extenuating circumstances as the commission deems appropriate.

Disclaimer: These regulations may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.