This Petition to Require a Performance Bond is an official document from the Michigan State Court Administration Office, and it complies with all applicable state and Federal codes and statutes. USLF updates all state and Federal forms as is required by state and Federal statutes and law.
Michigan Motion To Require Bond To Secure Future Support
State:
Michigan
Control #:
MI-FOC-40
Format:
PDF
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FAQ
You can get a surety bond from your local insurance agent, but most people choose to get a surety bond from an actual surety bond company. Most surety bond companies allow you to apply for your bond online. Browse available Michigan surety bonds.
However, most bonds don't take long. In fact, once you apply through an online application, the bond is issued within three days after the payment and a verifiable copy of the contract is received.
The cost of the surety bond will vary--generally between $50 to $100 and are available through insurance agencies or bonding companies. A search for companies licensed to issue surety bonds is available at www.michigan.gov/difs.
Generally, bond costs are a percentage of the annual amount of the bond that you require. Percentage costs range from 1 -15% of the total bond cost. The rate you pay is based on your personal credit score. A $20,000 bond at a 1% rate will cost you $200, while the same bond at a 15% rate will cost you $3,000.
In order to get a performance bond, contractors must usually pay a premium on the bond amount as well as interest on the bond. Again, the price will depend on the cost of the bond and the risk (creditworthiness) the principal presents. In most cases, you will first need to obtain a bid bond before bidding on a project.
Collect the funds owed from the performance bond from the bank or brokerage house holding the bond. You may obtain a cashier's check or request a wire transfer into a designated account.
The cost of a performance bond usually is less than 1% of the contract price; however, if the contract is under $1 million, the premium may run between 1% and 2%. Bonds may be more costly, depending upon the credit-worthiness of the contractor. Labor and material payment bonds are companions to the performance bond.
A surety bond protects the public from a notary's misconduct or negligence.The Michigan Department of State is authorized to require the notary to purchase replacement bonding if the original $10,000 bond funds are depleted by damage claims.