Michigan § 129.202 Performance bond; amount; condition; purpose.

Michigan Statutes

§ 129.202 — Performance bond; amount; condition; purpose.

Michigan § 129.202

Ch. 129PUBLIC FUNDS

Act 213 of 1963CONTRACTOR'S BOND FOR PUBLIC BUILDINGS OR WORKS (129.201-129.212)

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Bluebook

Mich. Comp. Laws § 129.202 (2026).

Text

CONTRACTOR'S BOND FOR PUBLIC BUILDINGS OR WORKS (EXCERPT) Act 213 of 1963 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.

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CONTRACTOR'S BOND FOR PUBLIC BUILDINGS OR WORKS (EXCERPT) Act 213 of 1963 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.