Michigan Laws 328.220 – Nonguaranteed or guaranteed price contracts; execution
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Terms Used In Michigan Laws 328.220
- Contract: A legal written agreement that becomes binding when signed.
- Guaranteed price contract: means a prepaid contract under which funds received are held pursuant to an escrow agreement. See Michigan Laws 328.214
All prepaid contracts provided for under this act shall be either a nonguaranteed price contract or a guaranteed price contract and shall be made and executed pursuant only to this act.