Indiana Code 8-23-9-8. Bid guarantee and performance bond requirements
Current as of: 2024 | Check for updates
|
Other versions
Sec. 8. The department:
(2) may require a bidder to submit a bid guarantee and a performance bond payable to the state with the bidder’s proposal if the estimated cost of the project is not more than two hundred thousand dollars ($200,000).
(1) shall require each bidder to submit a bid guarantee and a performance bond payable to the state with the bidder’s proposal if the estimated cost of the project is more than two hundred thousand dollars ($200,000); and
Instead of the bond, the department may establish by rule the requirements that, in its discretion, are necessary to assure payment of subcontractors, suppliers, and employees by the contractor.
As added by P.L.18-1990, SEC.218. Amended by P.L.133-2007, SEC.11.