65 IAC 2-1-15 - Contract terms

Authority: IC 4-30-3-7; IC 4-30-3-9

Affected: IC 4-30-3-16; IC 4-30-8

Sec. 15.

No contract shall obligate the commission for a period in excess of four (4) years without the prior approval of the commission. A contract may contain one (1) or more option periods or provisions for extensions of the contract term, but only if an individual option period or extension:

(1) does not exceed two (2) years in duration; and

(2) becomes effective only upon the specific, affirmative exercise of the option, or the specific, affirmative agreement to the extension, by the director.

Notes

65 IAC 2-1-15

State Lottery Commission; 65 IAC 2-1-15; emergency rule filed Jul 20, 1989, 4:10 p.m.: 12 IR 2296; emergency rule filed Sep 5, 1989, 3:20 p.m.: 13 IR 92; readopted filed Nov 30, 2001, 11:02 a.m.: 25 IR 1268; readopted filed Nov 14, 2007, 3:02 p.m.: 20071212-IR-065070656RFA; emergency rule filed Jun 28, 2013, 1:13 p.m.: 20130710-IR-065130297ERA Readopted filed 11/21/2019, 1:49 p.m.: 20191218-IR-065190507RFA Readopted filed 5/26/2023, 8:01 a.m.: 20230621-IR-065230294RFA