§ 573.5 — Amount of bond

Iowa § 573.5

• Jurisdiction: Iowa
• Title XIV: PROPERTY
• Ch. 573: LABOR AND MATERIAL ON PUBLIC IMPROVEMENTS

Text

Said bond shall run to the public corporation. The amount thereof shall be fixed, and the
bond approved, by the official board or officer empowered to let the contract, in an amount
not less than seventy-five percent of the contract price, and sufficient to comply with all
requirements of said contract and to insure the fulfillment of every condition, expressly or
impliedly embraced in said bond; except that in contracts where no part of the contract price
is paid until after the completion of the public improvement the amount of said bond may be
fixed at not less than twenty-five percent of the contract price.

Legislative History

[C24, 27, 31, 35, 39, §10303; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §573.5]