Indiana § 36-9-39-29 Contractors; submission of monthly estimates of work done; issuance
of certificates in payment; negotiability; interest; retainage

Indiana Statutes

§ 36-9-39-29 — Contractors; submission of monthly estimates of work done; issuance of certificates in payment; negotiability; interest; retainage

Indiana·Title 36 LOCAL GOVERNMENT·Art. 9 TRANSPORTATION AND PUBLIC WORKS·Ch. 39 Barrett Law Funding for Municipal Sewers

(a)A contractor for construction under this chapter is entitled to monthly estimates of the work done during each month. The estimates shall be made by the engineer and approved by the municipal works board.

(b)The works board shall issue to the contractor certificates for sixty-five percent (65%) of the amount shown by the estimates to be due to the contractor. The contractor is entitled to receive the amounts named in the certificates in cash or sewer improvement bonds to be collected or issued by the municipality, as is provided for in the construction of street, alley, and other improvements.

(c)Certificates issued under this section (or under IC 36-9-21 before its repeal in 1993) are negotiable instruments.

(d)Interest on the certificates is payable out of the contract price and t

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(a) A contractor for construction under this
chapter is entitled to monthly estimates of the work done during each
month. The estimates shall be made by the engineer and approved by
the municipal works board.
(b) The works board shall issue to the contractor certificates for
sixty-five percent (65%) of the amount shown by the estimates to be
due to the contractor. The contractor is entitled to receive the amounts
named in the certificates in cash or sewer improvement bonds to be
collected or issued by the municipality, as is provided for in the
construction of street, alley, and other improvements.
(c) Certificates issued under this section (or under IC 36-9-21 before
its repeal in 1993) are negotiable instruments.
(d) Interest on the certificates is payable out of the contract price
and the special fund collected from the special assessments against the
benefited property.
(e) If the municipality in issuing a contract for construction has
required and obtained performance and payment bonds covering one
hundred percent (100%) of the cost of construction, retainage shall be
withheld as follows:
(1) This subdivision applies until the public work is fifty percent
(50%) complete. The works board shall, on approval of contractor
monthly payment estimates, issue to the contractor certificates for
ninety percent (90%) of the amount shown to be due to the
contractor.
(2) This subdivision applies after the public work is fifty percent
(50%) complete. If the works board determines that the contractor
is being responsive and responsible in carrying out the
construction, the works board may, on approval of contractor
monthly payment estimates, issue to the contractor certificates for
one hundred percent (100%) of the amount shown to be due to the
contractor.

Indiana § 36-9-39-29 (Contractors; submission of monthly estimates of work done; issuance of certificates in payment; negotiability; interest; retainage) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.