MCL - Act 524 of 1980
AN ACT to provide for the terms of certain construction contracts with certain public agencies; to regulate the payment and retainage of payments on construction contracts with certain public agencies; and to provide for the resolution of certain disputes.
History: 1980, Act 524, Eff. Jan. 1, 1983
| Document | Type | Description |
|---|---|---|
| Section 125.1561 | Section | Definitions. |
| Section 125.1562 | Section | 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. |
| Section 125.1563 | Section | 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. |
| Section 125.1564 | Section | Construction 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. |
| Section 125.1565 | Section | Construction contracts to which act applicable. |
| Section 125.1566 | Section | Effective date. |