Indiana Code 4-13.6-7-8. Final settlement with contractor
(1) from the contractor under section 3 of this chapter for uncompleted minor items; and
Terms Used In Indiana Code 4-13.6-7-8
- Contract: A legal written agreement that becomes binding when signed.
- minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
- 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.
the division may make a full, final, and complete settlement with a contractor, including providing for full payment of all escrowed principal and escrowed income, not later than sixty-one (61) days following the date of substantial completion if the contractor has materially fulfilled all of its obligations under the public works contract.
(b) If the division receives a claim from a subcontractor or a supplier under section 9 of this chapter, the division shall withhold the amount of the claim until the claim is resolved under section 9(c) of this chapter.
(c) After the division makes a final settlement with a contractor, all claims by subcontractors and suppliers to funds withheld from that contractor under section 2 of this chapter are barred.
As added by P.L.24-1985, SEC.7. Amended by P.L.75-2012, SEC.2.