Sec. 2. (a) The CMc shall furnish proof of its ability to obtain a valid performance bond that is acceptable to the public agency in an amount equal to the GMP, if established, or the proposed construction cost.

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Terms Used In Indiana Code 5-32-6-2

  • Contract: A legal written agreement that becomes binding when signed.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) The CMc shall furnish the bond at the time of an early release construction package or when the GMP is determined and provided to the public agency.

     (c) If the bond is acceptable to the public agency, the performance bond may provide for incremental bonding in the form of multiple or chronological bonds that, when taken as a whole, equal the GMP, if established, or the proposed construction cost. The surety on the bond shall not be released for a period of one (1) year after final settlement with the CMc. A change, modification, omission, or addition in and to the terms or conditions of the contract, plans, specifications, drawings, or profile or any irregularity or defect in the contract or in the proceedings preliminary to the letting and awarding of the CMc contract does not in any way affect or operate to release or discharge the surety.

As added by P.L.128-2014, SEC.1.

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