Alternative Bond In Lieu of Michigan Based Trust Account is a type of construction payment bond that can be used as an alternative to the Michigan Based Trust Account. The alternative bond is a guarantee from a surety company that a contractor will properly pay all subcontractors and suppliers for any work performed or materials supplied in connection with a construction project. This bond is a guarantee from a surety company that the contractor will pay any subcontractors or suppliers for their work or materials supplied as part of the construction project. There are two types of Alternative Bond In Lieu of Michigan Based Trust Account: the Court Surety Bond and the Performance Bond. The Court Surety Bond is a bond that is provided by a surety company to guarantee that the contractor will pay any subcontractors or suppliers for their work or materials supplied as part of the construction project and will pay the court if the contractor fails to fulfill their contractual obligations. The Performance Bond is a bond that is provided by a surety company to guarantee that the contractor will fulfill the contract as specified in the contract documents and will pay the court if the contractor fails to fulfill their contractual obligations.