Sec. 6. The contractor shall be paid in full including all escrowed principal and escrowed income by the state agency and escrow agent within sixty-one (61) days following the date of substantial completion, subject to IC 5-16-5. If at that time there are any remaining uncompleted minor items, an amount equal to two hundred percent (200%) of the value of each item as determined by the architect-engineer shall be withheld until said item or items are completed.
Formerly: Acts 1972, P.L.44, SEC.1. As amended by P.L.86-2018, SEC.20.
Structure Indiana Code
Title 5. State and Local Administration
Chapter 5.5. Retainage, Bonds, and Payment of Contractors and Subcontractors
5-16-5.5-0.1. Application of Certain Amendments to Chapter
5-16-5.5-2. Contracts Governed by This Chapter
5-16-5.5-3. Retainage; Escrow Agreement
5-16-5.5-3.1. Escrow Accounts; Establishment and Maintenance; Fee; Schedule
5-16-5.5-3.5. Retainage; Options to Determine Amount
5-16-5.5-5. Payment of Subcontractor; Certification of Receipt
5-16-5.5-6. Payment of Contractor; Uncompleted Minor Items