Indiana § 8-23-9-8 Bid guarantee and performance bond requirements

Indiana Statutes

§ 8-23-9-8 — Bid guarantee and performance bond requirements

Indiana·Art. 23 INDIANA DEPARTMENT OF·Ch. 9 State Highway Contracts; General Powers

The department:

(1)shall require each bidder to submit a bid guarantee and a performance bond payable to the state with the bidder's proposal if the estimated cost of the project is more than two hundred thousand dollars ($200,000); and

(2)may require a bidder to submit a bid guarantee and a performance bond payable to the state with the bidder's proposal if the estimated cost of the project is not more than two hundred thousand dollars ($200,000). Instead of the bond, the department may establish by rule the requirements that, in its discretion, are necessary to assure payment of subcontractors, suppliers, and employees by the contractor.

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The department:
(1) shall require each bidder to submit a bid guarantee and a
performance bond payable to the state with the bidder's proposal
if the estimated cost of the project is more than two hundred
thousand dollars ($200,000); and
(2) may require a bidder to submit a bid guarantee and a
performance bond payable to the state with the bidder's proposal
if the estimated cost of the project is not more than two hundred
thousand dollars ($200,000).
Instead of the bond, the department may establish by rule the
requirements that, in its discretion, are necessary to assure payment of
subcontractors, suppliers, and employees by the contractor.

Indiana § 8-23-9-8 (Bid guarantee and performance bond requirements) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.