Indiana § 4-13.6-7-7 Performance bonds

Indiana Statutes

§ 4-13.6-7-7 — Performance bonds

Indiana § 4-13.6-7-7

Art. 13.6STATE PUBLIC WORKS

Ch. 7Bonding, Escrow, and Retainages

This text of Indiana § 4-13.6-7-7 (Performance bonds) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 4-13.6-7-7 (2026).

Text

(a)If the estimated cost of the public works project is:

(1)at least two hundred thousand dollars ($200,000), the division shall; or

(2)less than two hundred thousand dollars ($200,000), the division may; require the contractor to execute a good and sufficient performance bond to the department for the state in an amount equal to one hundred percent (100%) of the total contract price.

(b)The bond required under subsection (a) shall include at least the following provisions:

(1)The contractor shall well and faithfully perform the contract.

(2)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 awardin

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(a) If the estimated cost of the public works
project is:
(1) at least two hundred thousand dollars ($200,000), the division
shall; or
(2) less than two hundred thousand dollars ($200,000), the
division may;
require the contractor to execute a good and sufficient performance
bond to the department for the state in an amount equal to one hundred
percent (100%) of the total contract price.
(b) The bond required under subsection (a) shall include at least the
following provisions:
(1) The contractor shall well and faithfully perform the contract.
(2) 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.
(3) The provisions and conditions of this chapter shall be a part of
the terms of the contract and bond.
(c) The division may 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.
(d) The division may accept bonds provided on forms specified by
the division or on forms given by surety companies.
(e) The division shall not release sureties of a contractor until the
expiration of one (1) year after the final settlement with the contractor.