Sec. 3. (a) To determine the amount of retainage to be withheld, the division shall elect one (1) of the following options:
(1) To withhold no more than six percent (6%) of the dollar value of all work satisfactorily completed until the public work is fifty percent (50%) complete, and nothing further after that.
(2) To withhold no more than three percent (3%) of the dollar value of all work satisfactorily completed until the public work is substantially complete.
(b) Upon substantial completion of the work, the division shall withhold the following:
(1) If there are any remaining uncompleted minor items, 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.
(2) Any amounts required to be withheld under section 8(b) of this chapter.
As added by P.L.24-1985, SEC.7. Amended by P.L.75-2012, SEC.1.
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