Iowa Code
Iowa Code § 573.3 (2026)
Bond mandatory
✓ current as of July 2026
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1. The obligation of the public corporation to require, and the contractor to execute and deliver said bond, shall not be limited or avoided by contract.
2. A public corporation, with respect to a public improvement which is or has been competitively bid or negotiated, shall not require a contractor to procure a bond, as required under section 573.2, from a particular insurance or surety company, agent, or broker. [C24, 27, 31, 35, 39, §10301; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §573.3] 2000 Acts, ch 1023, §58 \n
Notes of Decisions
Cited in 3
cases (2 in the last 5 years), 2014–2024 · leading case: Star Equip., Ltd. v. State of Iowa, Iowa Dep't of Transp., 843 N.W.2d 446 (Iowa 2014).
Star Equip., Ltd. v. State of Iowa, Iowa Dep't of Transp., 843 N.W.2d 446 (Iowa 2014). “Section 573.3 requires the “contractor to execute and deliver said bond .”
Smith v. Iowa Ass'n of Cmty. Coll. Trs. (Iowa Ct. App. 2024). “§§ 573.3, .5. As monthly payments are made pursuant to the contract, monies earned by the principal contractor are retained by the public corporation and, as our supreme court has explained, the retainage held by the public owner—made up of no more than five percent of the…”
Rochon Corp. of Iowa, Inc. n/k/a Graphite Constr. Grp., Inc. v. Des Moines Area Cmty. Coll. (Iowa 2024). “§§ 573.3 (bond mandatory), .4 (deposit in lieu of a surety on the bond), .”
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