Michigan Laws 129.202 – Performance bond; amount; condition; purpose
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Terms Used In Michigan Laws 129.202
- Contract: A legal written agreement that becomes binding when signed.
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.