Sec. 13. If a student enrolls in a concurrent enrollment college course, a postsecondary course taught by a faculty member of the eligible institution at the high school, or an early college program offered by an eligible institution, the eligible institution and the student's school corporation shall enter into a contract for the postsecondary enrollment opportunity. The contract must establish the terms and conditions under which:
(1) except as provided in section 15 of this chapter, the eligible institution will award credit for specified classes successfully completed by students in the school corporation; and
(2) the school corporation will award credit for specified classes successfully completed by students at the eligible institution.