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Senate Bill 0418


 

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Senate Bill 0418

ARCHIVE (2001)

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DIGEST OF SB 418 (Updated April 29, 2001 10:22 PM - DI 44)

Transportation. Eliminates the requirement that a contractor must submit the written consent of the surety of the contractor's bond before the contractor may be permitted to draw any part of the retained percentage of a contract withheld by the Indiana department of transportation. Repeals the requirement that, until there has been substantial completion of an Indiana department of transportation contract, payment on the contract may not exceed 97% of the estimated cost of the completed work. Repeals additional provisions: (1) requiring that the retainage, upon the contractor's request, be deposited in an interest bearing escrow account with the treasurer of state or the treasurer of state's designee acting as escrow agent; and (2) permitting the treasurer of state to charge a fee for these services.
    Current Status:
     Law Enacted
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