Sec. 17. (a) A contract for road or street work must contain a provision for the timely payment of claims made by the contractor.
(b) Each contract must provide for final payment within one hundred twenty (120) days after final acceptance and completion of the contract. Final payment may not be made on any amount that is in dispute, but final payment may be made on that part of a contract or those amounts that are not in dispute.
(c) For each day after one hundred twenty (120) days, the board shall pay to the contractor interest for late payment of money due to the contractor. However, interest may not be paid for those days that the delay in payment is not directly attributable to the board. The annual percentage rate of interest that the board shall pay on the unpaid balance is twelve percent (12%).
As added by P.L.340-1983, SEC.1.
Structure Indiana Code
Chapter 12. Public Work Projects
36-1-12-0.1. Application of Certain Amendments to Chapter
36-1-12-1. Application of Chapter; Alternatives to Chapter
36-1-12-3. Public Work Projects
36-1-12-4. Bidding Procedures for Projects Costing More Than Certain Amounts
36-1-12-4.5. Bond or Certified Check; Filing by Bidders
36-1-12-4.7. Procedures for Inviting Quotes; Applicable Dollar Amounts
36-1-12-4.9. Alternate Procedures for Projects Costing Less Than $150,000
36-1-12-5. Procedures for Inviting Quotes; Applicable Dollar Amount
36-1-12-7. Public Buildings; Approval of Plans and Specifications by Licensed Architect or Engineer
36-1-12-9. Emergencies; Contracts by Invitation
36-1-12-10. Plans and Specifications; Approval by Various Agencies
36-1-12-11. Completion of Project; Procedure
36-1-12-12. Final Payment; Requirements; Claims by Subcontractors, Laborers, or Suppliers; Disputes
36-1-12-13. Contract Provision for Payment of Subcontractors, Laborers, or Suppliers
36-1-12-15. Contractor Requirements; Antidiscrimination Provisions
36-1-12-16. Necessity of Compliance With Chapter
36-1-12-18. Change or Alteration of Specifications; Change Orders
36-1-12-20. Trench Safety Systems; Cost Recovery
36-1-12-21. Plumbing Installations; Proof of Licensure
36-1-12-23. Application of Ic 5-22-16.5 to Award of Contracts Under Article