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 all other contracts the bonds shall be payable to the governmental unit.
History: 1963, Act 213, Eff. Sept. 6, 1963
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.