Indiana § 5-16-5.5-4 Performance bond; incremented bonding; release or discharge of
surety; waiver of bond requirements for certain state educational
institution projects

Indiana Statutes

§ 5-16-5.5-4 — Performance bond; incremented bonding; release or discharge of surety; waiver of bond requirements for certain state educational institution projects

Indiana § 5-16-5.5-4

Title 5STATE AND LOCAL ADMINISTRATION

Art. 16PUBLIC WORKS

Ch. 5.5Retainage, Bonds, and Payment of Contractors and

This text of Indiana § 5-16-5.5-4 (Performance bond; incremented bonding; release or discharge of surety; waiver of bond requirements for certain state educational institution projects) 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 § 5-16-5.5-4 (2026).

Text

(a)This section does not apply to a contract entered into by a state educational institution if:

(1)the amount to be paid under the contract is less than five hundred thousand dollars ($500,000); and

(2)the state educational institution agrees to waive the requirement.

(b)At the time of entering into any contract covered by the provisions of this chapter, the contractor shall furnish a valid performance bond which is acceptable to the state agency involved in an amount equal to the contractor's total contract price. If it is acceptable to the state agency involved, this performance bond may provide for incremental bonding in the form of multiple or chronological bonds which, when taken as a whole, equal the total contract price.

(c)The surety on the bond shall not be released for a pe

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(a) This section does not apply to a contract
entered into by a state educational institution if:
(1) the amount to be paid under the contract is less than five
hundred thousand dollars ($500,000); and
(2) the state educational institution agrees to waive the
requirement.
(b) At the time of entering into any contract covered by the
provisions of this chapter, the contractor shall furnish a valid
performance bond which is acceptable to the state agency involved in
an amount equal to the contractor's total contract price. If it is
acceptable to the state agency involved, this performance bond may
provide for incremental bonding in the form of multiple or
chronological bonds which, when taken as a whole, equal the total
contract price.
(c) The surety on the bond shall not be released for a period of one
(1) year after final settlement with the contractor. No change,
modification, omission or addition in and to the terms or conditions of
said contract, plans, specifications, drawings or profile or any
irregularity or defect in said contract or in the proceedings preliminary
to the letting and awarding thereof shall in any way affect or operate to
release or discharge the surety.
Formerly: Acts 1972, P.L.44, SEC.1. As amended by Acts 1978,
P.L.15, SEC.3; P.L.135-2017, SEC.2.