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. As added by P.L.24-1985, SEC.7. Amended by P.L.75-2012, SEC.2.