Section 36-1-12-1.2 - Definitions The following definitions apply throughout this chapter:
(1) "Board" means the board or officer of a political subdivision or an agency having the power to award contracts for public work.(2) "Contractor" means a person who is a party to a public work contract with the board.(3) "Subcontractor" means a person who is a party to a contract with the contractor and furnishes and performs labor on the public work project. The term includes material men who supply contractors or subcontractors.(4) "Escrowed income" means the value of all property held in an escrow account over the escrowed principal in the account.(5) "Escrowed principal" means the value of all cash and securities or other property placed in an escrow account.(6) "Operating agreement" has the meaning set forth in IC 5-23-2-7.(7) "Person" means any association, corporation, limited liability company, fiduciary, individual, joint venture, partnership, sole proprietorship, or any other legal entity.(8) "Property" means all: (A) personal property, fixtures, furnishings, inventory, and equipment; and(9) "Public fund" means all funds that are:(A) derived from the established revenue sources of a political subdivision or an agency of a political subdivision; and(B) deposited in a general or special fund of a municipal corporation, or another political subdivision or agency of a political subdivision. The term does not include funds received by a person under a duly authorized public-private agreement under IC 5-23 or proceeds of bonds payable exclusively by a private entity.
(10) "Retainage" means the amount to be withheld from a payment to the contractor or subcontractor until the occurrence of a specified event.(11) "Specifications" means a description of the physical characteristics, functional characteristics, extent, or nature of any public work required by the board.(12) "Substantial completion" refers to the date when the construction of a structure is sufficiently completed, in accordance with the plans and specifications, as modified by any complete change orders agreed to by the parties, so that it can be occupied for the use for which it was intended.Amended by P.L. 255-2017,SEC. 34, eff. 4/28/2017.Amended by P.L. 91-2014, SEC. 34, eff. 7/1/2014.As added by P.L. 329-1985, SEC.9. Amended by P.L. 82-1995, SEC.13; P.L. 73-1995, SEC.3; P.L. 49-1997, SEC.74.