§ 8-23-9-10 — Performance bonds; deposit; reinsurance; statements of amounts due

Indiana § 8-23-9-10

• Jurisdiction: Indiana
• Art. 23: INDIANA DEPARTMENT OF
• Ch. 9: State Highway Contracts; General Powers

Text

The bond shall be deposited with and held by
the commissioner for the use of any party interested in the bond. The
commissioner may require the reinsurance of any bond in the amount,
upon the terms, and with the surety approved by the commissioner. A
person, firm, limited liability company, or corporation to whom any
money is due for having performed labor or furnished material or any
other services rendered in the construction, improvement, or
maintenance of the highways shall, within one (1) year after the
acceptance of the labor, material, or services by the commissioner,
furnish the sureties on the bond a statement of the amount due to any
person, firm, limited liability company, or corporation.

Legislative History

As added by P.L.18-1990, SEC.218. Amended by P.L.8-1993, SEC.154.