Sec. 12. The bond provided in this section must be in substantially the following form:
"KNOW ALL PERSONS BY THESE PRESENTS, THAT ___________________ as principal and ___________________ as surety, are firmly bound unto the state of Indiana in the penal sum of an amount equal to ____ percent of the principal's bid or the contract price, if the proposal is accepted for the payment of which, well and truly to be made, we bind ourselves, jointly and severally, and our joint and several heirs, executors, administrators, and assigns, firmly by these presents, this ____ day of _________, ____.
"THE CONDITIONS OF THE ABOVE OBLIGATIONS ARE SUCH That, Whereas, the principal is herewith submitting a bid and proposal for the erection, construction, and completion of ____________________ in accordance with the plans and specifications approved and adopted by the department, which are made a part of this bond:
"NOW, THEREFORE, if the department shall award the principal the contract for work and the principal shall promptly enter into a contract with the department in the name of the state of Indiana for the work and shall well and faithfully do and perform the same in all respects according to the plans and specifications adopted by the department, and according to the time, terms, and conditions specified in the contract to be entered into, and in accordance with all requirements of law, and shall promptly pay all debts incurred by the principal or any subcontractor in the construction of the work, including labor, service, and materials furnished, then this obligation shall be void; otherwise to remain in full force, virtue, and effect.
"IT IS AGREED that no modifications, omissions, or additions in or to the terms of such contract or in or to the plans or specifications therefor shall in any wise affect the obligation of such sureties on its bond.
"IN WITNESS WHEREOF, we hereunto set our hands and seals this ___ day of _________, 20__.".
As added by P.L.18-1990, SEC.218. Amended by P.L.2-2005, SEC.29.
Structure Indiana Code
Title 8. Utilities and Transportation
Article 23. Indiana Department of Transportation
Chapter 9. State Highway Contracts; General Powers
8-23-9-0.1. Application of Certain Amendments to Chapter
8-23-9-1. Opening of Sealed Bids
8-23-9-2. Rejection of Proposals
8-23-9-3. Lowest and Best Bidder; Letting of Contract; Determination
8-23-9-4. Acceptance of Proposals; Criteria
8-23-9-5. Construction and Maintenance When No Satisfactory Proposal Received
8-23-9-6. Spending Limit When No Satisfactory Proposal Received
8-23-9-7. Adoption of Rules Governing Purchases of Material and Equipment
8-23-9-8. Bid Guarantee and Performance Bond Requirements
8-23-9-9. Bid Guarantee and Performance Bond Amounts
8-23-9-10. Performance Bonds; Deposit; Reinsurance; Statements of Amounts Due
8-23-9-11. Actions on Performance Bonds
8-23-9-12. Performance Bond Form
8-23-9-14. Partial Payments; Authorization
8-23-9-16. Acceptance of Completed Work; Relief of Contractor's Liability
8-23-9-17. Withdrawal and Payment of Retained Percentages
8-23-9-18. Final Payments; Disputes
8-23-9-21. Contract Form; Approval
8-23-9-23. Residency Requirement for Unskilled Laborers
8-23-9-24. Survey Monuments; Procedure Upon Removal or Burial
8-23-9-25. Nonperformance or Abandonment of Contracts; Completion of Work; Costs and Expenses
8-23-9-26. Claims Against Contractors; Filing With Department
8-23-9-27. Claims Against Contractors; Mailing of Copies
8-23-9-28. Claims Against Contractors; Retaining Amount of Claim
8-23-9-29. Claims Against Contractors; Allowance or Rejection
8-23-9-30. Claims Against Contractors; Notice of Rejection; Commencement of Actions
8-23-9-31. Claims Against Contractors; Payment of Amount Adjudged Due
8-23-9-32. Claims Against Contractors; Failure to File Certificate
8-23-9-33. Claims Against Contractors; Additional Remedy
8-23-9-34. Claims Against Contractors; Filing of Actions
8-23-9-35. Claims Against Contractors; Mailing or Publication of Notice
8-23-9-36. Claims Against Contractors; Certificates of Filing of Actions
8-23-9-37. Claims Against Contractors; Retention of Security for Protection of Claimant
8-23-9-38. Claims Against Contractors; Failure to File Action and Certificate
8-23-9-39. Claims Against Contractors; Additional Proceedings
8-23-9-40. Railroad Crossings; Separation of Grades
8-23-9-41. Railroad Crossings; Separation of Grades; Rights, Powers, and Duties of Parties Involved
8-23-9-42. Railroad Crossings; Separation of Grades; Payment of Costs
8-23-9-43. Railroad Crossings; Separation of Grades; Multiple Railroads; Payment of Costs
8-23-9-44. Railroad Crossings; Separation of Grades; Maintenance
8-23-9-45. Railroad Crossings; Improvement and Maintenance
8-23-9-46. Railroad Crossings; Width of Improvements
8-23-9-47. Railroad Crossings; Election by Railroad Companies to Make or Pay for Improvements
8-23-9-48. Tearing Up and Disturbing Highways; Permit; Unauthorized Signs and Markers; Violations
8-23-9-49. Approaches and Drainage Structures; Construction; Private Facilities
8-23-9-50. Use of Prison Labor in Preparation and Manufacturing of Road Materials
8-23-9-51. Drains, Culverts, and Bridges; Bridge Construction Contracts
8-23-9-52. Contracts Specifying Borrow or Clearing and Grubbing; Standards
8-23-9-53. Trench Safety Systems; Costs
8-23-9-54. State Highway Fund; Creation and Management
8-23-9-55. Use of State Highway Fund
8-23-9-57. Cooperation With Federal and Other States' Officials
8-23-9-59. Application of Ic 5-22-16.5 to Award of Contracts Under Article