Indiana Code 5-16-5.5-2. Contracts governed by this chapter
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Terms Used In Indiana Code 5-16-5.5-2
- Contract: A legal written agreement that becomes binding when signed.
- Contractor: shall mean any person, firm, limited liability company, or corporation who is party to a contract with a state agency to construct, erect, alter or repair any public building or is any way involved in public work or public improvement. See Indiana Code 5-16-5.5-1
- Retainage: means any amount to be withheld from any payment to a contractor or subcontractor pursuant to the terms of a contract until the occurrence of a specified event. See Indiana Code 5-16-5.5-1
- State agency: means the state of Indiana or any commission or agency created by law. See Indiana Code 5-16-5.5-1
Sec. 2. To the extent that this chapter is applicable, all contracts between a contractor and a state agency concerning any public building, work, or improvement entered into after May 1, 1972, and which contracts are in excess of two hundred thousand dollars ($200,000) are to be governed by the provisions of this chapter, as are the rights and duties among the parties to the contract and any subcontractors who do any work under the contract. A state agency may elect to have a contract that is for not more than two hundred thousand dollars ($200,000) be governed by this chapter. All contracts governed by the provisions of this chapter shall include provisions for the retainage of portions of payments by a state agency to contractors, by contractors to subcontractors, and for the payment of subcontractors.
Formerly: Acts 1972, P.L.44, SEC.1. As amended by P.L.25-1986, SEC.91; P.L.133-2007, SEC.6.