Indiana § 5-32-6-1 CMc payment bond

Indiana Statutes

§ 5-32-6-1 — CMc payment bond

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 32 EMPLOYMENT OF CONSTRUCTION·Ch. 6 Bonds

The CMc shall execute a payment bond to the
public agency, approved by the public agency, in an amount equal to
the GMP, if established, or the proposed construction cost. The
payment bond must be conditioned for payment by the CMc, the CMc's
successors and assigns, and by the first tier subcontractors, their
successors and assigns, of all indebtedness that may accrue to any
person for any labor or service performed, materials furnished, or
service rendered in the project. The bond by its terms must be
conditioned to directly inure to the benefit of subcontractors, laborers,
suppliers of materials, and those performing service who have
furnished or supplied labor, material, or service for the project.

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The CMc shall execute a payment bond to the
public agency, approved by the public agency, in an amount equal to
the GMP, if established, or the proposed construction cost. The
payment bond must be conditioned for payment by the CMc, the CMc's
successors and assigns, and by the first tier subcontractors, their
successors and assigns, of all indebtedness that may accrue to any
person for any labor or service performed, materials furnished, or
service rendered in the project. The bond by its terms must be
conditioned to directly inure to the benefit of subcontractors, laborers,
suppliers of materials, and those performing service who have
furnished or supplied labor, material, or service for the project.

Indiana § 5-32-6-1 (CMc payment bond) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.