Section 80IAC9-6-3. 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 substantially complete.

(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 consulting engineer or architect.

  (c) As approved by the executive director and director of facility maintenance, or his or her designee, the commission may choose to release a portion of retainage under certain circumstances, including, but not limited to, the following:

(1) Lengthy time frame to project completion.

(2) The dollar amount of the retainage is more than sufficient to complete any remaining work.

(3) Extenuating circumstances as the commission deems appropriate.

(State Fair Commission; 80 IAC 9-6-3; filed Nov 7, 2016, 3:46 p.m.: 20161207-IR-080160210FRA)