Indiana Code 36-9-36-23. Bid bond or deposit
(b) The bid bond or certified check must be equal to the greater of the following:
Terms Used In Indiana Code 36-9-36-23
- Contract: A legal written agreement that becomes binding when signed.
(2) One hundred dollars ($100).
(c) The following applies if a bidder elects to deposit a bid bond:
(1) The bond must be payable to the works board with sufficient sureties.
(2) The bond must be conditioned upon the bidder’s execution of a contract in accordance with the bidder’s bid if accepted by the works board.
(3) The bond must provide for forfeiture of the amount of the bond upon the bidder’s failure to execute the contract in accordance with the bidder’s bid.
(d) The works board shall do the following:
(1) Return all checks and bonds submitted by unsuccessful bidders.
(2) Return a successful bidder’s check or bond when the bidder enters into a contract with the works board.
As added by P.L.98-1993, SEC.7.