105 IAC 11-1-18 "Performance bond" defined

Sec. 18. "Performance bond" means the approved form of security, furnished and executed by the bidder and its surety or sureties, guaranteeing complete execution of the contract in accordance with all applicable plans, specifications, and supplemental agreements pertaining thereto and for the payment of all legal debts pertaining to the construction of the project. The performance bond will be in effect upon the proper execution of the contract.