Indiana Code 5-16-5.5-1. Definitions
“State agency” means the state of Indiana or any commission or agency created by law.
Terms Used In Indiana Code 5-16-5.5-1
- Agent: shall include any board, commission, trustee, officer or agent which acts on behalf of a state agency. See Indiana Code 5-16-5.5-1
- Contract: A legal written agreement that becomes binding when signed.
- Contractor: shall mean any person, firm, limited liability company, or corporation who is party to a contract with a state agency to construct, erect, alter or repair any public building or is any way involved in public work or public improvement. See Indiana Code 5-16-5.5-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrowed principal: shall mean the value of all cash and securities or other property at the time placed in an escrow account. See Indiana Code 5-16-5.5-1
- Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- State agency: means the state of Indiana or any commission or agency created by law. See Indiana Code 5-16-5.5-1
- Subcontractor: shall mean and include any person, firm, limited liability company, or corporation who is a party to a contract with the contractor and who furnishes and performs on-site labor on any public building, work or improvement. See Indiana Code 5-16-5.5-1
- Substantial completion: shall be construed to mean the date when the construction of a structure or building is sufficiently completed, in accordance with the plans and specifications, as modified by any completed change orders agreed to by the parties, so that the state agency can occupy the structure or building for the use for which it was intended. See Indiana Code 5-16-5.5-1
- Trustee: A person or institution holding and administering property in trust.
“Public building”, “public work” and “public improvement” or combinations thereof shall be construed to include all buildings, work or improvements the cost of which is paid for from public funds but shall not include highways, roads, streets, alleys, bridges and appurtenant structures situated on streets, alleys, railroad projects (as defined in IC 8-5-15-1) and dedicated highway rights-of-way.
“Substantial completion” shall be construed to mean the date when the construction of a structure or building is sufficiently completed, in accordance with the plans and specifications, as modified by any completed change orders agreed to by the parties, so that the state agency can occupy the structure or building for the use for which it was intended. Furthermore, the warranty period shall commence no later than the date of substantial completion.
“Contractor” shall mean any person, firm, limited liability company, or corporation who is party to a contract with a state agency to construct, erect, alter or repair any public building or is any way involved in public work or public improvement.
“Subcontractor” shall mean and include any person, firm, limited liability company, or corporation who is a party to a contract with the contractor and who furnishes and performs on-site labor on any public building, work or improvement. It also shall include materialmen who supply contractors or subcontractors as contained in this chapter.
“Retainage” means any amount to be withheld from any payment to a contractor or subcontractor pursuant to the terms of a contract until the occurrence of a specified event.
“Escrowed principal” shall mean the value of all cash and securities or other property at the time placed in an escrow account.
“Escrowed income” shall mean the value of all property held in an escrow account over the escrowed principal in such account.
Formerly: Acts 1972, P.L.44, SEC.1. As amended by Acts 1977, P.L.60, SEC.1; Acts 1981, P.L.57, SEC.12; P.L.8-1993, SEC.64; P.L.160-2006, SEC.5; P.L.136-2018, SEC.36.