Indiana Administrative Code
Title 80 - STATE FAIR COMMISSION
Article 9 - COMMISSION WORKS
Rule 6 - Bonding; Escrow; Retainages
Section 6-7 - Performance bonds
Universal Citation: 80 IN Admin Code 6-7
Current through March 20, 2024
Authority: IC 15-13-2-9
Affected: IC 5-16-5.5; IC 15-13-2
Sec. 7.
(a) The commission shall require the contractor to execute a good and sufficient performance bond to the commission in an amount equal to one hundred percent (100%) of the total contract price on all contracts over one hundred fifty thousand dollars ($150,000) in accordance with IC 5-16-5.5. The bond shall include at least the following provisions:
(1) The
contractor shall well and faithfully perform the contract.
(2) No change, modifications, 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.
(3) 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 not release sureties of a contractor until the expiration of one (1) year after the final settlement with the contractor.
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