Sec. 4. (a) A contract that contains a provision for escalation of the price of the contract may be renewed under this section if the price escalation is computed using:
(1) a commonly accepted index named in the contract; or
(2) a formula set forth in the contract.
(b) Subject to section 5 of this chapter, with the agreement of the contractor and the purchasing agency, a contract may be renewed any number of times.
(c) The term of a renewed contract may not be longer than the term of the original contract.
As added by P.L.49-1997, SEC.1. Amended by P.L.153-1999, SEC.5.
Structure Indiana Code
Title 5. State and Local Administration
5-22-17-1. Cost Plus a Percentage of Cost Contract
5-22-17-2. Cost Reimbursement Contract
5-22-17-3. Contracts for Supplies; Time Periods
5-22-17-4. Renewal of Contracts
5-22-17-6. Early Performance; Completion After Termination Date
5-22-17-7. Contract for Remediation of Hazardous Waste Site
5-22-17-8. Contract for Supplies and Services to Implement Ebt Program
5-22-17-9. Extension of Offers to Political Subdivisions
5-22-17-10. Contract for Petroleum Products
5-22-17-11. Contract for Sand, Gravel, Asphalt, Paving Materials, or Crushed Stone
5-22-17-12. Separate Contracts; Awarding Contract to an Offeror Other Than the Lowest Offeror