Iowa Bond to Secure against Defects in Construction
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How to fill out Bond To Secure Against Defects In Construction?
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FAQ
A warranty bond is a financial guarantee made by a builder to protect the owner of a construction project from defects in materials or workmanship that might arise after the project is completed. A warranty bond is also sometimes called a maintenance bond.
Under Iowa law, the statute of limitations for property damage is five years from the date of the damage, while it is two years from the date of the injury for personal injury actions.
An action arising from or related to: residential construction: 10 years; any other kind of improvement to real property: 8 years after the date on which the act or omission of the defendant alleged to have been the cause of the injury or death.
The first type of law is a statute of limitations. A statute of limitations begins on the date the injury is discovered. The statute of limitations in Iowa for oral contracts and property damage is five years. The limitations period for lawsuits based on written contracts is ten years.
686.3 Notice and opportunity to repair. Prior to commencing an action alleging a construction defect, the claimant shall, at least one hundred twenty days before filing an action, serve written notice of claim on the general contractor and subcontractor.
Construction defects include improperly designed materials, poor workmanship, and failure to follow construction codes. Any deficiency in a building project can be considered a construction defect, including: Defective architectural designs. Lack of planning or supervision.
An action arising from or related to: residential construction: 10 years; any other kind of improvement to real property: 8 years after the date on which the act or omission of the defendant alleged to have been the cause of the injury or death.