Indiana Code 36-1-12-6. Contracts; notice to proceed; failure to award and execute contract and to issue notice; election by bidder to reject contract
(b) If general obligation bonds are to be sold to finance the construction that is the subject of the bid, the board shall allow the bidder ninety (90) days.
Terms Used In Indiana Code 36-1-12-6
- Contract: A legal written agreement that becomes binding when signed.
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(d) A failure to award and execute the contract and to issue notice within the time required by this section entitles the successful bidder to:
(1) reject the contract and withdraw the successful bidder’s bid without prejudice; or
(2) extend the time to award the contract and provide notice to proceed at an agreed later date.
If the successful bidder elects to reject the contract and withdraw the bidder’s bid, notice of that election must be given to the board in writing within fifteen (15) days of the sixty (60) day expiration date or any other extension date.
[Pre-Local Government Recodification Citations: 5-16-1 part; Part new.]
As added by Acts 1981, P.L.57, SEC.38. Amended by P.L.23-1988, SEC.116; P.L.127-2017, SEC.16.