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Iowa Construction Bond

Set your construction or contracting business up for success by learning the ins and outs of construction bonds in Iowa.

What is an Iowa Construction Bond

First, it's a catchall term that describes a number of different types of surety bonds: bid bonds, performance bonds, payment bonds, and warranty bonds. Second, Iowa construction bonds are a way to hold contractors financially accountable when they fail to meet contractual obligations.

How does an Iowa Construction Bond work?

If someone has been wronged by a bonded contractor in Iowa, that party may file a claim against the bond seeking damages. The surety company that issues the bond automatically settles all valid claims, guaranteeing compensation for anyone wronged by the contractor. Afterwards, the surety company collects the amount of the settlement from the bonded contractor - the party that's financially responsible for all claims.

Who should get a Construction Surety Bond in Iowa?

Most contractors in Iowa will need one at some point, and more likely at multiple points. Bonds are required for most public sector and commercial sector projects, but a bond requirement can be written into any construction contract no matter how small.

Who are the parties involved in an Iowa Construction Bond?

  • Principal - The bonded contractor who must pay for all claims.
  • Obligee - The injured party filing a claim against the bond.
  • Surety - The company that issues and backs the bond. The surety guarantees payment, but the financial liability rests with the principal.

How much does an Iowa Construction Bond cost?

The size of the bond depends on the scale of the construction project, and the cost is a small percentage of the size. How much you pay for the surety bond depends on your credit, financial history, and business strength. With Viking Bond Service, bad credit doesn't have to keep you from meeting Iowa construction bond requirements.

How are claims handled for Construction Bonds in Iowa?

Before settling any claim, the surety conducts an investigation into the details of the claim. After settling any claim, the surety uses whatever legal means necessary to collect the amount of the settlement (with interest and fees added) from the principal (the contractor that caused the claim).

How to apply for an Iowa Construction Bond?

To apply, speak to one or our contract surety bond agents who will provide you with the right application for your specific bond requirement. Afterward, agree to a credit check, and supply any additional documentation the surety requests. Get a quote back within 24 hours when you work with Viking Bond Service.

Viking Bond Service - A Friends to Iowa Contractors

Don't let the bonding process be an obstacle to your business success. Get the bonds you need quickly and affordably by working with Viking Bond Service. To get started or get additional information, contact one of our bond experts - write to us through the contact form on this page, or call 1-888-278-7389.

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More About Surety Bonds:
How to become Bonded and Insured

The process of becoming Bonded and insured explained. Get the information you need to obtain both.

How are Performance Bond premiums figured?

Many variables go into figuring Performance Bond premiums. Read about what variables are considered and why premiums can vary so widely.

What is a Performance Bond?

A Performance Bond is a type of Contract Bond. These typically involve an awarded contract. Read on to learn more.

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