IA SF576

General contractors must obtain a $50,000 performance bond payable to the person for whom they are performing work before conducting any work in Iowa

The bond must be executed by a surety company authorized to do business in Iowa

Exemption applies to general contractors performing work for the state or political subdivisions, including those subject to state agency competitive bidding requirements under Chapter 8A, Subchapter III

Counties, cities, townships, and school districts are prohibited from requiring general contractors to file bonds for private work beyond what this section mandates