Section 8-23-9-8 - Bid guarantee and performance bond requirementsThe department:
(1) shall require each bidder to submit a bid guarantee and a performance bond payable to the state with the bidder's proposal if the estimated cost of the project is more than two hundred thousand dollars ($200,000); and(2) may require a bidder to submit a bid guarantee and a performance bond payable to the state with the bidder's proposal if the estimated cost of the project is not more than two hundred thousand dollars ($200,000). Instead of the bond, the department may establish by rule the requirements that, in its discretion, are necessary to assure payment of subcontractors, suppliers, and employees by the contractor.
As added by P.L. 18-1990, SEC.218. Amended by P.L. 133-2007, SEC.11.