(a) A contract that contains a provision for escalation of the price of the contract may be renewed under this section if the price escalation is computed using:(1) a commonly accepted index named in the contract; or(2) a formula set forth in the contract.(b) Subject to section 5 of this chapter, with the agreement of the contractor and the purchasing agency, a contract may be renewed any number of times.(c) The term of a renewed contract may not be longer than the term of the original contract.As added by P.L.49-1997, SEC.1. Amended by P.L.153-1999, SEC.5.
Indiana Legal Code