Section 4-13.6-7-8 - Final settlement with contractor(a) Except for amounts withheld:(1) from the contractor under section 3 of this chapter for uncompleted minor items; and(2) under subsection (b); 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.Amended by P.L. 75-2012, SEC. 2, eff. 7/1/2012.As added by P.L. 24-1985, SEC.7.