A Michigan contractor discovers a material defect in work completed 8 months ago. The original contract value was $85,000. Under Michigan law, what is the minimum general liability insurance coverage required to address potential claims?
Correct Answer
B) $500,000
Michigan requires contractors to maintain minimum general liability insurance of $500,000 per occurrence to cover potential defect claims and property damage.
Why This Is the Correct Answer
Michigan requires contractors to maintain minimum general liability insurance of $500,000 per occurrence to cover potential defect claims and property damage.
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A contractor receives a stop payment notice on a project with a remaining balance of $45,000. The contractor's work is 75% complete. How much can legally be withheld?
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A subcontractor completes work on June 1st but doesn't file their construction lien until October 15th. Under Michigan lien law, is this lien valid?