Indiana Code 5-17-1-2. Advertising for purchase of materials, etc., and lease of equipment; specifications; notice of time and place for receiving bids; procedures; open market; submission of certified check or bond by bidder; rejection
(b) Notice of the time and place for receiving of bids for the purchase or lease shall be given in accordance with IC 5-3-1.
Terms Used In Indiana Code 5-17-1-2
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- purchaser: as used in this chapter includes persons who make leases for equipment. See Indiana Code 5-17-1-1
(d) If any purchaser invites or advertises for bids for any material, materials, equipment, goods or supplies, pursuant to the provisions of this chapter, and does not receive a valid bid therefor or for any item thereof, in that event any such item or items of material, materials, equipment, goods or supplies so sought or advertised for may be purchased or equipment may be leased on the open market without further advertisement for bids.
(e) Any bidder may submit with his bid a certified check or the bond of a surety company admitted to do business in this state in the amount determined and specified by the purchasing agent in the notice of the letting.
(f) The purchaser may reject any and all bids and ask for new bids.
Formerly: Acts 1945, c.99, s.2; Acts 1969, c.483, s.2. As amended by Acts 1977, P.L.61, SEC.2; Acts 1979, P.L.45, SEC.2; Acts 1981, P.L.57, SEC.14; P.L.38-1984, SEC.1; P.L.8-1993, SEC.69.