Section 80IAC9-6-8. Substantial completion, final settlement, and release of retainage

   (a) Whenever the project has progressed to the point of substantial completion, a review shall be made by the consulting architect or engineer accompanied by the following:

(1) The contractor.

(2) A representative of the commission.

  (b) After all deficiencies have been substantially remedied, the consulting architect or engineer shall recommend to the commission that the construction project be accepted. After the commission has accepted the project, the final billing may be submitted, accompanied by affidavits and other documents evidencing that all subcontracts and bills for materials and services have been paid.

  (c) Except for amounts withheld from the contractor under section 3 of this rule for uncompleted items, the commission may make a full, final, and complete settlement with a contractor, including providing for full payment of all escrowed principal and escrowed income, within sixty-one (61) days following the date of substantial completion, as determined in writing by the commission if:

(1) the contractor has materially fulfilled all of its obligations under the commission works contract;

(2) the commission has received no claims from subcontractors or suppliers under this rule; and

(3) the contractor has furnished satisfactory evidence showing full payment of all subcontractors and suppliers in the performance of the contract.

  (d) After the commission makes a final settlement with a contractor, all claims by subcontractors and suppliers to funds withheld from the contractor under section 2 of this rule are barred. (State Fair Commission; 80 IAC 9-6-8; filed Nov 7, 2016, 3:46 p.m.: 20161207-IR-080160210FRA)