Sec. 3. (a) This section applies whenever a contract for the procurement of property for the commission is awarded by acceptance of bids, proposals, or quotations.

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Terms Used In Indiana Code 21-18-5-3

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (b) A bid, proposal, or quotation submitted by a trust (as defined in IC 30-4-1-1(a)) must identify each:

(1) beneficiary of the trust; and

(2) settlor empowered to revoke or modify the trust.

[Pre-2007 Higher Education Recodification Citation: 20-12-0.5-8.5.]

As added by P.L.2-2007, SEC.259.

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