Indiana Administrative Code
Title 80 - STATE FAIR COMMISSION
Article 9 - COMMISSION WORKS
Rule 6 - Bonding; Escrow; Retainages
Section 6-6 - Payment bonds
Universal Citation: 80 IN Admin Code 6-6
Current through March 20, 2024
Authority: IC 15-13-2-9
Affected: IC 15-13-2
Sec. 6.
(a) The commission shall require the contractor to execute a good and sufficient payment bond to the commission in an amount equal to one hundred percent (100%) of the total contract price. The bond shall include at least the following provisions:
(1) The contractor and its
successors and assigns, and all subcontractors and their successors and
assigns, whether by operation of law or otherwise, shall pay all indebtedness
that may accrue to any person on account of any labor or service performed or
materials furnished in relation to the commission work.
(2) The bond shall directly ensure to the
benefit of subcontractors, laborers, suppliers, and those performing service or
who may have furnished or supplied labor, material, or service in relation to
the commission work.
(3) No change,
modification, omission, or addition in or to the terms or conditions of the
contract, plans, specifications, drawings, or profile or any irregularity or
defect in the contract or in the procedures preliminary to the letting and
awarding of the contract shall affect or operate to release or discharge the
surety in any way.
(4) The
provisions and conditions of this rule shall be a part of the terms of the
contract and bond.
(b) The commission may:
(1) permit the bond given
by the contractor to provide for incremental bonding in the form of multiple or
chronological bonds that, if taken as a whole, equal the total contract price;
and
(2) accept bonds provided on
forms:
(A) specified by the commission;
or
(B) given by surety
companies.
(c) The commission shall:
(1) hold the bond of a
contractor for the use and benefit of any claimant having an interest in it and
entitled to its benefits; and
(2)
not release sureties of a contractor until the expiration of one (1) year after
the final settlement with the contractor.
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