Indiana Code 36-1-9.5-24. Assets of contractor; sufficiency
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Terms Used In Indiana Code 36-1-9.5-24
- applicant: means a contractor or the subcontractor who seeks to do business with an entity. See Indiana Code 36-1-9.5-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- certificate of qualification: means the official document that qualifies a contractor to bid on contracts of an entity that require prequalification under this chapter. See Indiana Code 36-1-9.5-8
- Contract: A legal written agreement that becomes binding when signed.
- contract: means the written agreement between an entity and a contractor setting forth the obligations of the parties. See Indiana Code 36-1-9.5-9
- entity: means the following:
Indiana Code 36-1-9.5-11
Sec. 24. An applicant may not be given a certificate of qualification unless the review of the applicant’s statement shows that the applicant possesses the net current assets determined by the entity to be sufficient to execute the contract and meet all obligations of the contract.
As added by P.L.85-1991, SEC.3.