Section 80IAC2-7-3. Amount of retainage withheld

   (a) To determine the amount of retainage to be withheld, the commission shall elect one (1) of the following options:

(1) To withhold no more than ten percent (10%) of the dollar value of all work satisfactorily completed until the commission work is fifty percent (50%) complete, and nothing further after that.

(2) To withhold no more than five percent (5%) of the dollar value of all work satisfactorily completed until the commission work is substantially complete.

  (b) If upon substantial completion of the work there are any remaining uncompleted minor items, the commission shall withhold, until those items are completed, an amount equal to two hundred percent (200%) of the value of each item as determined by the architect-engineer. (State Fair Commission; 80 IAC 2-7-3; filed Nov 27, 1991, 2:00 p.m.: 15 IR 452; readopted filed Sep 11, 2001, 2:45 p.m.: 25 IR 528; readopted filed Oct 4, 2007, 10:29 a.m.: 20071024-IR-080070451RFA; readopted filed Sep 18, 2013, 2:12 p.m.: 20131016-IR-080130242RFA)