IC 4-13.6-7-8: Final settlement with contractor

Sec. 8. (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.