Indiana Code 5-30-8-4. Performance and payment bonds required
Current as of: 2024 | Check for updates
|
Other versions
Sec. 4. (a) The public agency:
(2) may require the design-builder to furnish performance and payment bonds for the project if the estimated cost of the project is not more than two hundred thousand dollars ($200,000).
(1) shall require the design-builder to furnish performance and payment bonds for the project if the estimated cost of the project is more than two hundred thousand dollars ($200,000); and
Terms Used In Indiana Code 5-30-8-4
- Contract: A legal written agreement that becomes binding when signed.
(b) A performance or payment bond is not required for, and does not provide coverage for, the part of a design-build contract that includes design services only.
(c) Subsection (b) does not impair the ability of the public agency to seek recovery under the contract from the design-builder for errors, omissions, or defects in the design services.
As added by P.L.74-2005, SEC.1. Amended by P.L.133-2007, SEC.8.