§ 4-13.6-7-8 — Final settlement with contractor

Indiana § 4-13.6-7-8

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

Text

(a) Except for amounts withheld:
(1) from the contractor under section 3 of this chapter for
uncompleted minor items; and
(2) under subsection (b);
the division may make a full, final, and complete settlement with a
contractor, including providing for full payment of all escrowed
principal and escrowed income, not later than sixty-one (61) days
following the date of substantial completion if the contractor has
materially fulfilled all of its obligations under the public works
contract.
(b) If the division receives a claim from a subcontractor or a
supplier under section 9 of this chapter, the division shall withhold the
amount of the claim until the claim is resolved under section 9(c) of
this chapter.
(c) After the division makes a final settlement with a contractor, all
claims by subcontractors and suppliers to funds withheld from that
contractor under section 2 of this chapter are barred.

Legislative History

As added by P.L.24-1985, SEC.7. Amended by P.L.75-2012, SEC.2.