™Your Policy Risk Impact Agent
110 chapters · 1,399 sections in this title.
Mich. Comp. Laws § 125.1561 Definitions.
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Sec. 1. As used in this act: (a) "Agent" means the person or persons agreed to or selected by the contractor and the public agency pursuant to section 4(2). (b) "Architect or professional engineer" means an architect or professional engineer licensed under Act No. 299 of the Publ…
Mich. Comp. Laws § 125.1562 Construction 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.
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Sec. 2. (1) The construction contract shall designate a person representing the contractor who will submit written requests for progress payments, and a person representing the public agency to whom request for progress payments are to be submitted. The written requests for progr…
Mich. Comp. Laws § 125.1563 Retaining 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.
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Sec. 3. (1) To assure proper performance of a construction contract by the contractor, a public agency may retain a portion of each progress payment otherwise due as provided in this section. (2) The retainage shall be limited to the following: (a) Not more than 10% of the dollar…