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
Structure Michigan Compiled Laws
Act 213 of 1963 - Contractor's Bond for Public Buildings or Works (129.201 - 129.212)
Section 129.202 - Performance Bond; Amount; Condition; Purpose.
Section 129.203 - Payment Bond; Amount; Purpose.
Section 129.204 - Bond, Surety, Obligee.
Section 129.205 - Filing of Bond.
Section 129.206 - Public Works, Contractor's Bond; Definitions.
Section 129.208 - Copies of Bonds and Contracts; Fees.
Section 129.209 - Venue; Statute of Limitations.
Section 129.210 - Application of Statute.
Section 129.211 - Repeal; Restriction on Other Statute.
Section 129.212 - Act Inapplicable to Contracts Awarded Under MCL 280.1 to 280.630.