§ 8-23-9-17 — Withdrawal and payment of retained percentages

Indiana § 8-23-9-17

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

Text

At any time after the contract has been
substantially completed, the contractor may be permitted to draw any
part of the retained percentage withheld by the department in an
amount determined by the department to be in the best interest of the
state, provided the contractor files a written request on forms provided
by the department for requests. The department may pay to the
contractor any part of the retained percentage the department
determines is in the best interest of the state even though the contractor
does not request payment, provided that the department notifies the
contractor of the department's intent to do so at least thirty (30) days in
advance of the payment. The fact that the contractor is permitted to
withdraw a part of the retained percentage, or that the department pays
a part of the retained percentage, shall in no way release or relieve the
contractor on the contract.

Legislative History

As added by P.L.18-1990, SEC.218. Amended by P.L.117-1995, SEC.3; P.L.267-2001, SEC.1.