129.201 Bonds of principal contractor on public building, work, or improvement; irrevocable letter of credit. Sec. 1. Before any contract, exceeding $50,000.00 for the construction, alteration, or repair of any public building or public work or improvement of the state or a county, city, village, township, school district, public educational institution, other political subdivision, public […]
129.202 Performance bond; amount; condition; purpose. Sec. 2. The performance bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount, conditioned upon the faithful performance of the contract in accordance with the plans, specifications and terms thereof. The bond shall be solely for the protection […]
129.203 Payment bond; amount; purpose. Sec. 3. The payment bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount solely for the protection of claimants, as defined in section 6, supplying labor or materials to the principal contractor or his subcontractors in the prosecution of […]
129.204 Bond, surety, obligee. Sec. 4. A bond shall be executed by a surety company authorized to do business in this state. In the case of a contract of the state or a department, board, commission, institution or agency thereof the bonds shall be payable to the people of the state. In the case of […]
129.205 Filing of bond. Sec. 5. The bonds shall be filed in the office of the governmental unit awarding the contract. History: 1963, Act 213, Eff. Sept. 6, 1963
129.206 Public works, contractor’s bond; definitions. Sec. 6. A “claimant” means a person having furnished labor, material, or both, used or reasonably required for use in the performance of the contract. “Labor and material” includes that part of water, gas, power, light, heat, oil, gasoline, telephone service or rental of equipment directly applicable to the […]
129.207 Enforcement of claims; notice of supplier to principal contractor or governmental unit; payment to subcontractor. Sec. 7. A claimant who has furnished labor or material in the prosecution of the work provided for in such contract in respect of which payment bond is furnished under the provisions of section 3, and who has not […]
129.208 Copies of bonds and contracts; fees. Sec. 8. The agent in charge of the office of the governmental unit shall furnish to anyone making application therefor who submits an affidavit that he has supplied labor or materials for such work and payment therefor has not been made, or that he is being sued on […]
129.209 Venue; statute of limitations. Sec. 9. An action instituted on the payment bond shall be brought only in the appropriate court in the political subdivision in which the contract was to be performed. No action shall be commenced after the expiration of 1 year from the date on which final payment was made to […]
129.210 Application of statute. Sec. 10. This act shall not apply to any contract awarded pursuant to an invitation for bids issued on or before the effective date hereof, or to any person or bonds in respect to any such contract. The rights, duties, and obligations of parties arising under, or incidental to, bonds executed […]
129.211 Repeal; restriction on other statute. Sec. 11. Section 64 of Act No. 59 of the Public Acts of 1915, as amended, being section 247.464 of the Compiled Laws of 1948 is repealed. The provisions of Act No. 187 of the Public Acts of 1905, as amended, being sections 570.101 to 570.105 of the Compiled […]
129.212 Act inapplicable to contracts awarded under MCL 280.1 to 280.630. Sec. 12. This act does not apply to a contract awarded under the drain code of 1956, Act No. 40 of the Public Acts of 1956, being sections 280.1 to 280.630 of the Michigan Compiled Laws. History: Add. 1989, Act 62, Imd. Eff. June […]
