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9.16         Acceptance of Completed Construction Contracts  

A.       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.