Michigan Bond to Secure against Defects in Construction
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How to fill out Bond To Secure Against Defects In Construction?
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The 4 Main Types of Construction Bonds Explained 1) Bid Bond. ... Example. ... 2) Agreement to Bond (a.k.a. Surety's Consent or Consent of Surety) ... Example. ... 3) Performance Bond. ... Example. ... 4) Labour and Material Payment Bond. ... Example.
General contractors and residential builders in Michigan are licensed however the license regime does not current require a contractor to file a surety bond. Several municipalities do however require a contractor's license bond to be filed for permitted work.
While a bond is for the protection of the party that the contractor is working for, liability insurance protects the contractor in the event of an issue arising.
Michigan requires many different kinds of surety bonds to allow certain professionals, contract workers, and businesses to operate within the state. Specifically, Michigan requires bonding for: Motor vehicle brokers and dealers.
A warranty bond is a financial guarantee made by a builder to protect the owner of a construction project from defects in materials or workmanship that might arise after the project is completed. A warranty bond is also sometimes called a maintenance bond.
When a contractor fails to abide by any of the conditions of the contract, the surety and contractor are both held liable. The three main types of construction bonds are bid, performance, and payment.
A contractor must hold a current Michigan residential builder's license or show evidence of ability to obtain a license within six months. A contractor must demonstrate a history of having performed work of the scope and type required for the development.