§ 4-13.6-7-3 — Amount of retainage withheld

Indiana § 4-13.6-7-3

• Jurisdiction: Indiana
• Art. 13.6: STATE PUBLIC WORKS
• Ch. 7: Bonding, Escrow, and Retainages

Text

(a) To determine the amount of retainage to be
withheld, the division shall elect one (1) of the following options:
(1) To withhold no more than six percent (6%) of the dollar value
of all work satisfactorily completed until the public work is fifty
percent (50%) complete, and nothing further after that.
(2) To withhold no more than three percent (3%) of the dollar
value of all work satisfactorily completed until the public work is
substantially complete.
(b) Upon substantial completion of the work, the division shall
withhold the following:
(1) If there are any remaining uncompleted minor items, until
those items are completed, an amount equal to two hundred
percent (200%) of the value of each item as determined by the
architect-engineer.
(2) Any amounts required to be withheld under section 8(b) of
this chapter.

Legislative History

As added by P.L.24-1985, SEC.7. Amended by P.L.75-2012, SEC.1.