Acceptance of Completed Construction Contracts
The chief business officer, with the approval of the chief executive
officer of each university, is authorized to accept contract work as
complete and authorize final payments on behalf of the Board of Regents
and in accordance with Iowa Code. The waiting
period, required by Iowa Code, shall commence on the date of such
acceptance and authorization.
B. The contract performance
bond shall provide coverage for at least one year following contract
acceptance by the institution and permit the Board recourse to remedy
contractor deficiencies without prejudice due to prior acceptance of the
contract by the institution.
C. All construction contracts for projects with budgets of $250,000 or more, which have been accepted as complete by the chief business officer, shall be reported to the Board Office in a method to be determined by the Board Office.