§ 5-16-5.5-3.5 — Retainage; options to determine amount

Indiana § 5-16-5.5-3.5

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 16: PUBLIC WORKS
• Ch. 5.5: Retainage, Bonds, and Payment of Contractors and

Text

5. (a) To determine the amount of retainage
to be withheld, a state agency shall elect one (1) of the following
options:
(1) 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) Withhold no more than three percent (3%) of the dollar value
of all work satisfactorily completed until the public work is
substantially complete.
(b) If upon substantial completion of the work there are any
remaining uncompleted minor items, an amount computed under
section 6 of this chapter shall be withheld until those items are
completed.
As added by Acts 1980, P.L.33, SEC.1. Amended by
P.L.133-2007, SEC.7; P.L.28-2025, SEC.1.