Michigan · Statutes
Act Act-524-of-1980
6 sections
6 sections
- Mich. Comp. Laws § 125.1561Definitions.
- Mich. Comp. Laws § 125.1562Construction contract; designation of person to submit written requests for progress payments; designation of person to whom requests for progress payments to be submitted; manner and times of submissions; deferring the processing of progress payments; payment of requested progress payment; failure of public agency to make timely progress payment; interest.
- Mich. Comp. Laws § 125.1563Retaining portion of each progress payment to assure proper performance of construction contract; retainage; limitations; exceeding pro rata share of public agency's matching requirement; commingling and deposit of retained funds; releasing to contractor retainage and interest earned on retainage; irrevocable letter of credit.
- Mich. Comp. Laws § 125.1564Construction contract; agreement to submit matters described in subsection (3) to decision of agent; designation of agent; dispute resolution process; use; agent to receive pertinent information and provide opportunity for informal meeting; decision of agent to be final and binding; vacation of decision by circuit court; dispute resolution resulting in decision; final progress payment to original contractor where public agency contracts with subsequent contractor.
- Mich. Comp. Laws § 125.1565Construction contracts to which act applicable.
- Mich. Comp. Laws § 125.1566Effective date.