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Indiana Code, Title 4, State Offices and Administration, Article 13.6, State Public Works, Chapter 7, Bonding, Escrow and Retainages, sections 4-13.6-7-5 through 4-13.6-7-12; Title 5, State and Local Administration, Article 16, Public Works, Chapter 5, Withholding and Bond to Secure Payment of Subcontractors, Labor and Materialmen; Chapter 5.5 ...
Construction of the Pentagon, 1942.. The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) [1] requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers.
[4] States have also enacted what are referred to as "Little Miller Act" statutes, [5] requiring performance and payment bonds on State-funded projects. Each bond has a designated bond amount. Surety bond companies will determine the bond rate based on risk and then charge a surety bond premium in the range 1-15% of the bond amount. [citation ...
A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. [1] They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. [2] They are often required in conjunction with performance bonds.
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Specific performance is an equitable remedy in the law of contract, in which a court issues an order requiring a party to perform a specific act, such as to complete performance of a contract. [1] It is typically available in the sale of land law , but otherwise is not generally available if damages are an appropriate alternative.
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