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

Indiana § 8-23-9-9

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

Text

The bid guarantee must be in the penal sum of
an amount equal to five percent (5%) of the bid price. The performance
bond must be in a penal sum set by the commissioner, but may not be
less than an amount equal to the bidder's proposal or the contract price,
where the bidder's proposal is accepted, with good and sufficient
sureties, to the approval of the commissioner, conditioned upon the
faithful performance of the work, in accordance with the profile, plans,
and specifications set forth in the proposal, and conditioned also upon
the payment by the contractor and by all subcontractors for all labor
performed or materials furnished or other services rendered in the
construction of the highway.

Legislative History

As added by P.L.18-1990, SEC.218.