Terms Used In Indiana Code > Title 5 > Article 16 > Chapter 5.5 - Retainage, Bonds, and Payment of Contractors and Subcontractors

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Agent: shall include any board, commission, trustee, officer or agent which acts on behalf of a state agency. See Indiana Code 5-16-5.5-1
• 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
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Escrowed income: shall mean the value of all property held in an escrow account over the escrowed principal in such account. See Indiana Code 5-16-5.5-1
• Escrowed principal: shall mean the value of all cash and securities or other property at the time placed in an escrow account. See Indiana Code 5-16-5.5-1
• Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
• minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• 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
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State agency: means the state of Indiana or any commission or agency created by law. See Indiana Code 5-16-5.5-1
• Subcontractor: shall mean and include any person, firm, limited liability company, or corporation who is a party to a contract with the contractor and who furnishes and performs on-site labor on any public building, work or improvement. See Indiana Code 5-16-5.5-1
• Substantial completion: shall be construed to mean the date when the construction of a structure or building is sufficiently completed, in accordance with the plans and specifications, as modified by any completed change orders agreed to by the parties, so that the state agency can occupy the structure or building for the use for which it was intended. See Indiana Code 5-16-5.5-1
• Trustee: A person or institution holding and administering property in trust.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5