Michigan Compiled Laws Act 524 Of 1980 Construction Contracts With Certain Public Agencies (125.1561 - 125.1566)

AN ACT to provide for the terms of certain construction contracts with certain public agencies; to regulate the payment and retainage of payments on construction contracts with certain public agencies; and to provide for the resolution of certain disputes.

History: 1980, Act 524, Eff. Jan. 1, 1983

Section 125.1561 Definitions.
As used in this act: (a) “Agent” means the person or persons agreed to or selected by the contractor and the public agency pursuant...
Section 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.
(1) The construction contract shall designate a person representing the contractor who will submit written requests for progress payments, and a person representing the...
Section 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.
(1) To assure proper performance of a construction contract by the contractor, a public agency may retain a portion of each progress payment otherwise...
Section 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 To Original Contractor Where Public Agency Contracts With Subsequent Contractor.
(1) The construction contract shall contain an agreement to submit those matters described in subsection (3) to the decision of an agent at the...
Section 125.1565 Construction Contracts To Which Act Applicable.
(1) Except as provided in subsection (2), this act shall apply only to a construction contract entered into after the effective date of this...
Section 125.1566 Effective Date.
This act shall take effect January 1, 1983. History: 1980, Act 524, Eff. Jan. 1, 1983

Last modified: October 10, 2016