§ 574.28 — Approval and Filing of Bond
Plain-Language Summary
Before starting any public work, the contractor must file both the performance bond and payment bond with the government body's financial officer. The bonds must include the addresses of both the contractor and the surety company. Once filed and approved, the bonds are public records available for inspection. Contract changes, modifications, or time extensions do not release the surety from its obligations.
574.28 APPROVAL AND FILING OF BOND.
Before beginning work on the contract for the public work, the contractor on whose behalf the payment and performance bonds were issued must file both bonds with the treasurer, board, or officer having financial management of the public body named in the bonds. The payment and performance bonds must list the address of the contractor on whose behalf the bonds were issued and of the surety providing the bonds. The payment and performance bonds, if acceptable in form and content, must be approved by the board or officer having financial management of the public body, or by the public body’s treasurer. The public body must make the payment and performance bonds available for inspection and copying upon request. An assignment, modification, or change of the contract, or change in the work covered by the contract, or an extension of time to complete the contract, does not release the sureties on the bonds.
History:
(9702) RL s 4536; 1907 c 379; 1931 c 157; 1994 c 419 s 8; 1995 c 31 s 3
History: History: (9702) RL s 4536; 1907 c 379; 1931 c 157; 1994 c 419 s 8; 1995 c 31 s 3