Indiana § 5-22-17-4 Renewal of contracts

Indiana Statutes

§ 5-22-17-4 — Renewal of contracts

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 22 PUBLIC PURCHASING·Ch. 17 Contracts

(a)A contract that contains a provision for escalation of the price of the contract may be renewed under this section if the price escalation is computed using:

(1)a commonly accepted index named in the contract; or

(2)a formula set forth in the contract.

(b)Subject to section 5 of this chapter, with the agreement of the contractor and the purchasing agency, a contract may be renewed any number of times.

(c)The term of a renewed contract may not be longer than the term of the original contract.

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(a) A contract that contains a provision for
escalation of the price of the contract may be renewed under this
section if the price escalation is computed using:
(1) a commonly accepted index named in the contract; or
(2) a formula set forth in the contract.
(b) Subject to section 5 of this chapter, with the agreement of the
contractor and the purchasing agency, a contract may be renewed any
number of times.
(c) The term of a renewed contract may not be longer than the term
of the original contract.

Indiana § 5-22-17-4 (Renewal of contracts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.