Indiana Code 36-1-9.5-12. “Payment bond” defined
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Terms Used In Indiana Code 36-1-9.5-12
- bidder: means an individual, a partnership, a firm, a limited liability company, a corporation, or other person submitting a bid for advertised work. See Indiana Code 36-1-9.5-7
- surety: means a corporate body bound with and for the contractor for the following:
Indiana Code 36-1-9.5-17
Sec. 12. As used in this chapter, “payment bond” means an approved form of security, furnished and executed by the bidder and the bidder’s surety, that guarantees the payment of all legal debts related to the construction of the project.
As added by P.L.85-1991, SEC.3.