Statutes > Iowa Statutes > Title 2 - Elections and Official Duties > Subtitle 3 - Public Contracts and Bonds > CHAPTER 73A - PUBLIC CONTRACTS AND BONDS > 73A.20 - BID BONDS.

73A.20 - BID BONDS.

        73A.20  BID BONDS.
         Notwithstanding any other provisions of the Code, any contracting
      authority may authorize the use of bid bonds executed by corporations
      authorized to contract as surety in Iowa and on a form prescribed by
      the contracting authority, in lieu of certified or cashiers checks or
      any other form of security otherwise required of a bidder to
      accompany a bid on a public improvement project.  The full amount of
      the bid bond shall be forfeited to the contracting authority in
      liquidation of damages sustained in the event that the bidder fails
      to execute the contract as provided in the specifications or by law
      in the same manner and amount as other forms of authorized security.
         Section History: Early Form
         [C73, 75, 77, 79, 81, § 23.20]
         Section History: Recent Form
         C93, § 73A.20
         Referred to in § 468.35