Michigan Contractor's Performance Bond with Limitation of Right of Action
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How to fill out Contractor's Performance Bond With Limitation Of Right Of Action?
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FAQ
An ACT to provide for the rights of certain electric transmission line owners; to impose certain requirements on certain electric transmission line owners; and to provide for the powers and duties of certain state agencies.
In order to get a performance bond, the contractor agrees to pay the surety a small percentage of the total bond amount, usually between 1% and 4%. In exchange, the surety promises to pay up to the agreed bond amount if the contractor fails to deliver on its obligations.
Under Michigan's Little Miller Act, almost every public project (i.e. funded by the state, local, or municipal government entity) the prime contractor is required to post a payment bond. If unpaid on a public works project, a party can make a claim against that payment bond.
Simply, the Act requires that before awarding a contract in excess of $50,000 for the construction, alteration or repair of any public building, public work or improvement, a township or any other governmental entity must secure a performance bond and a payment bond from the general contractor.
Act 213 of 1963 AN ACT to provide a procedure for bonding contractors for public buildings and public works of governmental units; and to repeal certain acts and parts of acts. History: 1963, Act 213, Eff. Sept. 6, 1963.