Iowa Code 357.17 – Bond of contractor
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1. The successful bidder, when awarded a contract, shall be required to give an approved surety bond for one hundred percent of the contract price, guaranteeing completion of the work in accordance with the plans and specifications, and for maintenance, including backfilling, for one year after the final acceptance of the work.
Terms Used In Iowa Code 357.17
- Contract: A legal written agreement that becomes binding when signed.
- year: means twelve consecutive months. See Iowa Code 4.1
2. If the contractor fails to complete the work as provided in the contract, abandons the work, or fails to proceed in a reasonable manner toward its final completion, the board may proceed against the contractor and surety as provided in sections 468.104 and 468.105.