SF431 modifies retention fees and bonds for public improvement contracts in Iowa.
SF431 amends Iowa law regarding retention fees for public improvement contracts. The bill allows a principal contractor to post a retention bond, with surety, in the amount of 5 percent of the original contract price as a substitute for the retention funds. The public corporation must pay all retention funds being held to the contractor within 20 days and hold no further retention funds on the project.
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