Section 80IAC2-7-8. Final settlement with contractor

   (a) Except for amounts withheld from the contractor under section 3 of this rule for uncompleted minor items and subject to IC 5-16-5, 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 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.

  (b) 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 2-7-8; filed Nov 27, 1991, 2:00 p.m.: 15 IR 454; 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)