IC 5-16-5.5
Chapter 5.5. Retainage, Bonds, and Payment of Contractors and
Subcontractors
IC 5-16-5.5-1 Definitions
Sec. 1. As used in this chapter:
"State agency" means the state of Indiana or any commission or
agency created by law.
"Agent" shall include any board, commission, trustee, officer or
agent which acts on behalf of a state agency.
"Public building", "public work" and "public improvement" or
combinations thereof shall be construed to include all buildings,
work or improvements the cost of which is paid for from public
funds but shall not include highways, roads, streets, alleys, bridges
and appurtenant structures situated on streets, alleys, railroad
projects (as defined in IC 8-5-15-1) and dedicated highway
rights-of-way.
"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. Furthermore, the warranty period shall
commence no later than the date of substantial completion.
"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.
"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. It also shall include
materialmen who supply contractors or subcontractors as contained
herein.
"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.
"Escrowed principal" shall mean the value of all cash and
securities or other property at the time placed in an escrow account.
"Escrowed income" shall mean the value of all property held in an
escrow account over the escrowed principal in such account. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by Acts 1977,
P.L.60, SEC.1; Acts 1981, P.L.57, SEC.12; P.L.8-1993, SEC.64;
P.L.160-2006, SEC.5.
IC 5-16-5.5-2 Contracts governed by this chapter
Sec. 2. To the extent that this chapter is applicable, all contracts
between a contractor and a state agency concerning any public
building, work, or improvement entered into after May 1, 1972, and
which contracts are in excess of two hundred thousand dollars
($200,000) are to be governed by the provisions of this chapter, as
are the rights and duties among the parties to the contract and any
subcontractors who do any work under the contract. A state agency
may elect to have a contract that is for not more than two hundred
thousand dollars ($200,000) be governed by this chapter. All
contracts governed by the provisions of this chapter shall include
provisions for the retainage of portions of payments by a state agency
to contractors, by contractors to subcontractors, and for the payment
of subcontractors. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by P.L.25-1986,
SEC.91; P.L.133-2007, SEC.6.
IC 5-16-5.5-3 Retainage; escrow agreement
Sec. 3. Any state agency which enters into a contract for any
public building, work or improvement, and any contractor
subcontracting portions of such contract, which contracts contain
provision for retainage shall include in their respective contracts a
provision that at the time any retainage is withheld, the state agency
and/or contractor shall place such retainage in an escrow account,
with a bank, savings and loan institution, or the State of Indiana or
an instrumentality thereof, as escrow agent selected by mutual
agreement between the affected contract parties, pursuant to a written
agreement among the bank or savings and loan institution, the state
agency, and the contractor as appropriate. The escrow agreement
shall provide as follows:
(a) The escrow agent shall promptly invest all escrowed principal
in such obligations as shall be selected by the escrow agent in its
discretion.
(b) The escrow agent shall hold the escrowed principal and
income until receipt of notice from the state agency and the
contractor, or the contractor and the subcontractor, specifying the
portion or portions of the escrowed principal to be released from the
escrow and the person or persons to whom such portion or portions
are to be released. Upon receipt of such notice the escrow agent shall
promptly remit the designated portion of escrowed principal and the
same proportion of then escrowed income to such person or persons.
(c) The escrow agent shall be compensated for its services as the
parties may agree on a commercially reasonable fee commensurate
with fees then being charged for the handling of escrow accounts of
like size and duration. The fee must be paid from the escrowed
income of the escrow account.
(d) The agreement may include such other terms and conditions
not inconsistent with the foregoing paragraphs (a), (b) and (c)
including but not limited to provisions authorizing the escrow agent
to commingle the escrowed funds with funds held pursuant to other
escrow agreements and limiting the liability of the escrow agent. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by Acts 1977,
P.L.60, SEC.2.
IC 5-16-5.5-3.1 Escrow accounts; establishment and maintenance; fee; schedule
Sec. 3.1. The treasurer of state may charge a reasonable fee for
services that the treasurer renders in connection with the
establishment and administration of escrow accounts. If the treasurer
charges such fee, the treasurer shall prepare a fee schedule and make
it available to the contractor. Any fee must be paid by the contractor
at the time the escrow account is established. As added by P.L.69-1987, SEC.1.
IC 5-16-5.5-3.5 Retainage; options to determine amount
Sec. 3.5. (a) To determine the amount of retainage to be withheld,
a state agency shall elect one (1) of the following options:
(1) Withhold no more than ten percent (10%) nor less than six
percent (6%) of the dollar value of all work satisfactorily
completed until the public work is fifty percent (50%)
complete, and nothing further after that.
(2) Withhold no more than five percent (5%) nor less than three
percent (3%) of the dollar value of all work satisfactorily
completed until the public work is substantially complete.
(b) If upon substantial completion of the work there are any
remaining uncompleted minor items, an amount computed under
section 6 of this chapter shall be withheld until those items are
completed. As added by Acts 1980, P.L.33, SEC.1. Amended by P.L.133-2007,
SEC.7.
IC 5-16-5.5-4 Performance bond; incremented bonding; release or discharge of
surety
Sec. 4. At the time of entering into any contract covered by the
provisions of this chapter, the contractor shall furnish a valid
performance bond which is acceptable to the state agency involved
in an amount equal to his total contract price. If it is acceptable to the
state agency involved, this performance bond may provide for
incremental bonding in the form of multiple or chronological bonds
which, when taken as a whole, equal the total contract price. The
surety on the bond shall not be released for a period of one (1) year
after final settlement with the contractor. No change, modification,
omission or addition in and to the terms or conditions of said
contract, plans, specifications, drawings or profile or any irregularity
or defect in said contract or in the proceedings preliminary to the
letting and awarding thereof shall in any way affect or operate to
release or discharge the surety. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by Acts 1978,
P.L.15, SEC.3. IC 5-16-5.5-5 Payment of subcontractor; certification of receipt
Sec. 5. Within ten (10) days of the receipt of any payment by the
state agency or escrow agent, the contractor or escrow agent shall
pay all subcontractors with whom he has contracted their share of the
payment the contractor received based upon the service performed
by the subcontractor. The contractor shall furnish upon request a
sworn statement or certification at the time of payment to him that
the subcontractor has received his share of the previous payment to
the contractor. The making of an incorrect certification may be
considered a breach of contract by the state agency, and it may
exercise all of its prerogatives set out in the contract in addition to
the remedies for falsifying an affidavit. Such an action may also
result in a suspension of prequalification with the certification board
established under IC 4-13.6-3-3. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by P.L.33-1983,
SEC.16; P.L.24-1985, SEC.15.
IC 5-16-5.5-6 Payment of contractor; uncompleted minor items
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 1971, 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.)
IC 5-16-5.5-7 Suit against surety; time limitation
Sec. 7. All suits must be brought against a surety on a bond
required by this chapter within one (1) year after the completion of
the work or service in question. (Formerly: Acts 1972, P.L.44, SEC.1.)
IC 5-16-5.5-8 Conflicting laws
Sec. 8. This chapter shall not be construed as conflicting with any
other laws for the protection of labor, subcontractors or materialmen,
but is supplemental thereto. (Formerly: Acts 1972, P.L.44, SEC.1.)
IC 5-16-5.5
Chapter 5.5. Retainage, Bonds, and Payment of Contractors and
Subcontractors
IC 5-16-5.5-1 Definitions
Sec. 1. As used in this chapter:
"State agency" means the state of Indiana or any commission or
agency created by law.
"Agent" shall include any board, commission, trustee, officer or
agent which acts on behalf of a state agency.
"Public building", "public work" and "public improvement" or
combinations thereof shall be construed to include all buildings,
work or improvements the cost of which is paid for from public
funds but shall not include highways, roads, streets, alleys, bridges
and appurtenant structures situated on streets, alleys, railroad
projects (as defined in IC 8-5-15-1) and dedicated highway
rights-of-way.
"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. Furthermore, the warranty period shall
commence no later than the date of substantial completion.
"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.
"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. It also shall include
materialmen who supply contractors or subcontractors as contained
herein.
"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.
"Escrowed principal" shall mean the value of all cash and
securities or other property at the time placed in an escrow account.
"Escrowed income" shall mean the value of all property held in an
escrow account over the escrowed principal in such account. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by Acts 1977,
P.L.60, SEC.1; Acts 1981, P.L.57, SEC.12; P.L.8-1993, SEC.64;
P.L.160-2006, SEC.5.
IC 5-16-5.5-2 Contracts governed by this chapter
Sec. 2. To the extent that this chapter is applicable, all contracts
between a contractor and a state agency concerning any public
building, work, or improvement entered into after May 1, 1972, and
which contracts are in excess of two hundred thousand dollars
($200,000) are to be governed by the provisions of this chapter, as
are the rights and duties among the parties to the contract and any
subcontractors who do any work under the contract. A state agency
may elect to have a contract that is for not more than two hundred
thousand dollars ($200,000) be governed by this chapter. All
contracts governed by the provisions of this chapter shall include
provisions for the retainage of portions of payments by a state agency
to contractors, by contractors to subcontractors, and for the payment
of subcontractors. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by P.L.25-1986,
SEC.91; P.L.133-2007, SEC.6.
IC 5-16-5.5-3 Retainage; escrow agreement
Sec. 3. Any state agency which enters into a contract for any
public building, work or improvement, and any contractor
subcontracting portions of such contract, which contracts contain
provision for retainage shall include in their respective contracts a
provision that at the time any retainage is withheld, the state agency
and/or contractor shall place such retainage in an escrow account,
with a bank, savings and loan institution, or the State of Indiana or
an instrumentality thereof, as escrow agent selected by mutual
agreement between the affected contract parties, pursuant to a written
agreement among the bank or savings and loan institution, the state
agency, and the contractor as appropriate. The escrow agreement
shall provide as follows:
(a) The escrow agent shall promptly invest all escrowed principal
in such obligations as shall be selected by the escrow agent in its
discretion.
(b) The escrow agent shall hold the escrowed principal and
income until receipt of notice from the state agency and the
contractor, or the contractor and the subcontractor, specifying the
portion or portions of the escrowed principal to be released from the
escrow and the person or persons to whom such portion or portions
are to be released. Upon receipt of such notice the escrow agent shall
promptly remit the designated portion of escrowed principal and the
same proportion of then escrowed income to such person or persons.
(c) The escrow agent shall be compensated for its services as the
parties may agree on a commercially reasonable fee commensurate
with fees then being charged for the handling of escrow accounts of
like size and duration. The fee must be paid from the escrowed
income of the escrow account.
(d) The agreement may include such other terms and conditions
not inconsistent with the foregoing paragraphs (a), (b) and (c)
including but not limited to provisions authorizing the escrow agent
to commingle the escrowed funds with funds held pursuant to other
escrow agreements and limiting the liability of the escrow agent. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by Acts 1977,
P.L.60, SEC.2.
IC 5-16-5.5-3.1 Escrow accounts; establishment and maintenance; fee; schedule
Sec. 3.1. The treasurer of state may charge a reasonable fee for
services that the treasurer renders in connection with the
establishment and administration of escrow accounts. If the treasurer
charges such fee, the treasurer shall prepare a fee schedule and make
it available to the contractor. Any fee must be paid by the contractor
at the time the escrow account is established. As added by P.L.69-1987, SEC.1.
IC 5-16-5.5-3.5 Retainage; options to determine amount
Sec. 3.5. (a) To determine the amount of retainage to be withheld,
a state agency shall elect one (1) of the following options:
(1) Withhold no more than ten percent (10%) nor less than six
percent (6%) of the dollar value of all work satisfactorily
completed until the public work is fifty percent (50%)
complete, and nothing further after that.
(2) Withhold no more than five percent (5%) nor less than three
percent (3%) of the dollar value of all work satisfactorily
completed until the public work is substantially complete.
(b) If upon substantial completion of the work there are any
remaining uncompleted minor items, an amount computed under
section 6 of this chapter shall be withheld until those items are
completed. As added by Acts 1980, P.L.33, SEC.1. Amended by P.L.133-2007,
SEC.7.
IC 5-16-5.5-4 Performance bond; incremented bonding; release or discharge of
surety
Sec. 4. At the time of entering into any contract covered by the
provisions of this chapter, the contractor shall furnish a valid
performance bond which is acceptable to the state agency involved
in an amount equal to his total contract price. If it is acceptable to the
state agency involved, this performance bond may provide for
incremental bonding in the form of multiple or chronological bonds
which, when taken as a whole, equal the total contract price. The
surety on the bond shall not be released for a period of one (1) year
after final settlement with the contractor. No change, modification,
omission or addition in and to the terms or conditions of said
contract, plans, specifications, drawings or profile or any irregularity
or defect in said contract or in the proceedings preliminary to the
letting and awarding thereof shall in any way affect or operate to
release or discharge the surety. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by Acts 1978,
P.L.15, SEC.3. IC 5-16-5.5-5 Payment of subcontractor; certification of receipt
Sec. 5. Within ten (10) days of the receipt of any payment by the
state agency or escrow agent, the contractor or escrow agent shall
pay all subcontractors with whom he has contracted their share of the
payment the contractor received based upon the service performed
by the subcontractor. The contractor shall furnish upon request a
sworn statement or certification at the time of payment to him that
the subcontractor has received his share of the previous payment to
the contractor. The making of an incorrect certification may be
considered a breach of contract by the state agency, and it may
exercise all of its prerogatives set out in the contract in addition to
the remedies for falsifying an affidavit. Such an action may also
result in a suspension of prequalification with the certification board
established under IC 4-13.6-3-3. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by P.L.33-1983,
SEC.16; P.L.24-1985, SEC.15.
IC 5-16-5.5-6 Payment of contractor; uncompleted minor items
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 1971, 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.)
IC 5-16-5.5-7 Suit against surety; time limitation
Sec. 7. All suits must be brought against a surety on a bond
required by this chapter within one (1) year after the completion of
the work or service in question. (Formerly: Acts 1972, P.L.44, SEC.1.)
IC 5-16-5.5-8 Conflicting laws
Sec. 8. This chapter shall not be construed as conflicting with any
other laws for the protection of labor, subcontractors or materialmen,
but is supplemental thereto. (Formerly: Acts 1972, P.L.44, SEC.1.)
IC 5-16-5.5
Chapter 5.5. Retainage, Bonds, and Payment of Contractors and
Subcontractors
IC 5-16-5.5-1 Definitions
Sec. 1. As used in this chapter:
"State agency" means the state of Indiana or any commission or
agency created by law.
"Agent" shall include any board, commission, trustee, officer or
agent which acts on behalf of a state agency.
"Public building", "public work" and "public improvement" or
combinations thereof shall be construed to include all buildings,
work or improvements the cost of which is paid for from public
funds but shall not include highways, roads, streets, alleys, bridges
and appurtenant structures situated on streets, alleys, railroad
projects (as defined in IC 8-5-15-1) and dedicated highway
rights-of-way.
"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. Furthermore, the warranty period shall
commence no later than the date of substantial completion.
"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.
"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. It also shall include
materialmen who supply contractors or subcontractors as contained
herein.
"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.
"Escrowed principal" shall mean the value of all cash and
securities or other property at the time placed in an escrow account.
"Escrowed income" shall mean the value of all property held in an
escrow account over the escrowed principal in such account. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by Acts 1977,
P.L.60, SEC.1; Acts 1981, P.L.57, SEC.12; P.L.8-1993, SEC.64;
P.L.160-2006, SEC.5.
IC 5-16-5.5-2 Contracts governed by this chapter
Sec. 2. To the extent that this chapter is applicable, all contracts
between a contractor and a state agency concerning any public
building, work, or improvement entered into after May 1, 1972, and
which contracts are in excess of two hundred thousand dollars
($200,000) are to be governed by the provisions of this chapter, as
are the rights and duties among the parties to the contract and any
subcontractors who do any work under the contract. A state agency
may elect to have a contract that is for not more than two hundred
thousand dollars ($200,000) be governed by this chapter. All
contracts governed by the provisions of this chapter shall include
provisions for the retainage of portions of payments by a state agency
to contractors, by contractors to subcontractors, and for the payment
of subcontractors. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by P.L.25-1986,
SEC.91; P.L.133-2007, SEC.6.
IC 5-16-5.5-3 Retainage; escrow agreement
Sec. 3. Any state agency which enters into a contract for any
public building, work or improvement, and any contractor
subcontracting portions of such contract, which contracts contain
provision for retainage shall include in their respective contracts a
provision that at the time any retainage is withheld, the state agency
and/or contractor shall place such retainage in an escrow account,
with a bank, savings and loan institution, or the State of Indiana or
an instrumentality thereof, as escrow agent selected by mutual
agreement between the affected contract parties, pursuant to a written
agreement among the bank or savings and loan institution, the state
agency, and the contractor as appropriate. The escrow agreement
shall provide as follows:
(a) The escrow agent shall promptly invest all escrowed principal
in such obligations as shall be selected by the escrow agent in its
discretion.
(b) The escrow agent shall hold the escrowed principal and
income until receipt of notice from the state agency and the
contractor, or the contractor and the subcontractor, specifying the
portion or portions of the escrowed principal to be released from the
escrow and the person or persons to whom such portion or portions
are to be released. Upon receipt of such notice the escrow agent shall
promptly remit the designated portion of escrowed principal and the
same proportion of then escrowed income to such person or persons.
(c) The escrow agent shall be compensated for its services as the
parties may agree on a commercially reasonable fee commensurate
with fees then being charged for the handling of escrow accounts of
like size and duration. The fee must be paid from the escrowed
income of the escrow account.
(d) The agreement may include such other terms and conditions
not inconsistent with the foregoing paragraphs (a), (b) and (c)
including but not limited to provisions authorizing the escrow agent
to commingle the escrowed funds with funds held pursuant to other
escrow agreements and limiting the liability of the escrow agent. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by Acts 1977,
P.L.60, SEC.2.
IC 5-16-5.5-3.1 Escrow accounts; establishment and maintenance; fee; schedule
Sec. 3.1. The treasurer of state may charge a reasonable fee for
services that the treasurer renders in connection with the
establishment and administration of escrow accounts. If the treasurer
charges such fee, the treasurer shall prepare a fee schedule and make
it available to the contractor. Any fee must be paid by the contractor
at the time the escrow account is established. As added by P.L.69-1987, SEC.1.
IC 5-16-5.5-3.5 Retainage; options to determine amount
Sec. 3.5. (a) To determine the amount of retainage to be withheld,
a state agency shall elect one (1) of the following options:
(1) Withhold no more than ten percent (10%) nor less than six
percent (6%) of the dollar value of all work satisfactorily
completed until the public work is fifty percent (50%)
complete, and nothing further after that.
(2) Withhold no more than five percent (5%) nor less than three
percent (3%) of the dollar value of all work satisfactorily
completed until the public work is substantially complete.
(b) If upon substantial completion of the work there are any
remaining uncompleted minor items, an amount computed under
section 6 of this chapter shall be withheld until those items are
completed. As added by Acts 1980, P.L.33, SEC.1. Amended by P.L.133-2007,
SEC.7.
IC 5-16-5.5-4 Performance bond; incremented bonding; release or discharge of
surety
Sec. 4. At the time of entering into any contract covered by the
provisions of this chapter, the contractor shall furnish a valid
performance bond which is acceptable to the state agency involved
in an amount equal to his total contract price. If it is acceptable to the
state agency involved, this performance bond may provide for
incremental bonding in the form of multiple or chronological bonds
which, when taken as a whole, equal the total contract price. The
surety on the bond shall not be released for a period of one (1) year
after final settlement with the contractor. No change, modification,
omission or addition in and to the terms or conditions of said
contract, plans, specifications, drawings or profile or any irregularity
or defect in said contract or in the proceedings preliminary to the
letting and awarding thereof shall in any way affect or operate to
release or discharge the surety. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by Acts 1978,
P.L.15, SEC.3. IC 5-16-5.5-5 Payment of subcontractor; certification of receipt
Sec. 5. Within ten (10) days of the receipt of any payment by the
state agency or escrow agent, the contractor or escrow agent shall
pay all subcontractors with whom he has contracted their share of the
payment the contractor received based upon the service performed
by the subcontractor. The contractor shall furnish upon request a
sworn statement or certification at the time of payment to him that
the subcontractor has received his share of the previous payment to
the contractor. The making of an incorrect certification may be
considered a breach of contract by the state agency, and it may
exercise all of its prerogatives set out in the contract in addition to
the remedies for falsifying an affidavit. Such an action may also
result in a suspension of prequalification with the certification board
established under IC 4-13.6-3-3. (Formerly: Acts 1972, P.L.44, SEC.1.) As amended by P.L.33-1983,
SEC.16; P.L.24-1985, SEC.15.
IC 5-16-5.5-6 Payment of contractor; uncompleted minor items
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 1971, 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.)
IC 5-16-5.5-7 Suit against surety; time limitation
Sec. 7. All suits must be brought against a surety on a bond
required by this chapter within one (1) year after the completion of
the work or service in question. (Formerly: Acts 1972, P.L.44, SEC.1.)
IC 5-16-5.5-8 Conflicting laws
Sec. 8. This chapter shall not be construed as conflicting with any
other laws for the protection of labor, subcontractors or materialmen,
but is supplemental thereto. (Formerly: Acts 1972, P.L.44, SEC.1.)
