2006 Michigan Compiled Laws - Mich. Comp. Laws § 129.203 Payment bond; amount; purpose.
|
Act 213 of 1963 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 the work provided for in the contract.
|
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
