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