125.1561 Definitions. Sec. 1. As used in this act: (a) “Agent” means the person or persons agreed to or selected by the contractor and the public agency pursuant to section 4(2). (b) “Architect or professional engineer” means an architect or professional engineer licensed under Act No. 299 of the Public Acts of 1980, being sections […]
125.1562 Construction contract; designation of person to submit written requests for progress payments; designation of person to whom requests for progress payments to be submitted; manner and times of submissions; deferring the processing of progress payments; payment of requested progress payment; failure of public agency to make timely progress payment; interest. Sec. 2. (1) The […]
125.1563 Retaining portion of each progress payment to assure proper performance of construction contract; retainage; limitations; exceeding pro rata share of public agency’s matching requirement; commingling and deposit of retained funds; releasing to contractor retainage and interest earned on retainage; irrevocable letter of credit. Sec. 3. (1) To assure proper performance of a construction contract […]
125.1564 Construction contract; agreement to submit matters described in subsection (3) to decision of agent; designation of agent; dispute resolution process; use; agent to receive pertinent information and provide opportunity for informal meeting; decision of agent to be final and binding; vacation of decision by circuit court; dispute resolution resulting in decision; final progress payment […]
125.1565 Construction contracts to which act applicable. Sec. 5. (1) Except as provided in subsection (2), this act shall apply only to a construction contract entered into after the effective date of this act. (2) For a construction contract entered into before the effective date of this act, the provisions of this act may be […]
125.1566 Effective date. Sec. 6. This act shall take effect January 1, 1983. History: 1980, Act 524, Eff. Jan. 1, 1983
