Michigan § 129.203 Payment bond; amount; purpose.

Michigan Statutes

§ 129.203 — Payment bond; amount; purpose.

Michigan § 129.203

Ch. 129PUBLIC FUNDS

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

This text of Michigan § 129.203 (Payment bond; amount; purpose.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 129.203 (2026).

Text

CONTRACTOR'S BOND FOR PUBLIC BUILDINGS OR WORKS (EXCERPT) Act 213 of 1963 129.203 Payment bond; amount; purpose. Sec.

3.The payment bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount solely for the protection of claimants, as defined in section 6, supplying labor or materials to the principal contractor or his subcontractors in the prosecution of the work provided for in the contract.

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CONTRACTOR'S BOND FOR PUBLIC BUILDINGS OR WORKS (EXCERPT) Act 213 of 1963 129.203 Payment bond; amount; purpose. Sec. 3. The payment bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount solely for the protection of claimants, as defined in section 6, supplying labor or materials to the principal contractor or his subcontractors in the prosecution of the work provided for in the contract.