§ 5-32-6-2 — CMc performance bond

Indiana § 5-32-6-2

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

Text

(a) The CMc shall furnish proof of its ability to
obtain a valid performance bond that is acceptable to the public agency
in an amount equal to the GMP, if established, or the proposed
construction cost.
(b) The CMc shall furnish the bond at the time of an early release
construction package or when the GMP is determined and provided to
the public agency.
(c) If the bond is acceptable to the public agency, the performance
bond may provide for incremental bonding in the form of multiple or
chronological bonds that, when taken as a whole, equal the GMP, if
established, or the proposed construction cost. The surety on the bond
shall not be released for a period of one (1) year after final settlement
with the CMc. A change, modification, omission, or addition in and to
the terms or conditions of the contract, plans, specifications, drawings,
or profile or any irregularity or defect in the contract or in the
proceedings preliminary to the letting and awarding of the CMc
contract does not in any way affect or operate to release or discharge
the surety.

Legislative History

As added by P.L.128-2014, SEC.1.