Indiana Code Title 36. Local Government § 36-9-36-23

(1) An amount not less than two and one-half percent (2 1/2 %) of the engineer's estimate of the cost of the improvement.

(2) One hundred dollars ($100).

(1) The bond must be payable to the works board with sufficient sureties.

(2) The bond must be conditioned upon the bidder's execution of a contract in accordance with the bidder's bid if accepted by the works board.

(3) The bond must provide for forfeiture of the amount of the bond upon the bidder's failure to execute the contract in accordance with the bidder's bid.

(1) Return all checks and bonds submitted by unsuccessful bidders.

(2) Return a successful bidder's check or bond when the bidder enters into a contract with the works board.