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Performance Bond; Amount; Condition; Purpose - Mich. Comp. Laws Section 129.202

Legal Research Home > Michigan Laws > Public Funds > Performance Bond; Amount; Condition; Purpose - Mich. Comp. Laws Section 129.202

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 of the governmental unit awarding the contract.

History: 1963, Act 213, Eff. Sept. 6, 1963 ;-- Am. 1972, Act 351, Imd. Eff. Jan. 9, 1973

Section: Previous 129.149 129.150 129.171 129.173 129.175 129.177 129.201 129.202 129.203 129.204 129.205 129.206 129.207 129.208 129.209 Next

Last modified: March 17, 2013