Michigan Compiled Laws, Chapter 247. Highways § 247.807a

(a) “Completion” means the date when the construction, improvement, or maintenance of a bridge, highway, or other transportation facility is accepted in accordance with the contract documents, so that the bridge, highway, or other transportation facility may be used for its intended purpose.

(b) “Construction contract” means an agreement between a contractor and the department for the construction, improvement, or maintenance of a bridge, highway, or other transportation facility.

(c) “Contractor” means an individual; sole proprietorship; partnership; corporation; joint venture; or other legal entity, other than the state, or an agency or department of the state, who is a party to a construction contract.

(d) “Project” means the specific section of the highway construction to be performed under the construction contract.

(a) That the escrow agent shall promptly invest all of the escrowed funds.

(b) That the escrow agent shall hold the escrowed funds until receipt of notice from the department. Upon receipt of a notice of release from the department, the escrow agent shall promptly remit the designated portion of escrowed funds to the contractor involved in the contract. Upon receipt of a notice of overpayment or default of the contract, the escrow agent shall promptly remit the designated portion of escrowed funds to the department.

(c) That the escrow agent is responsible for all investments and money as a result of the deposit of the amount until released from responsibility pursuant to the escrow agreement.

(d) That the contractor shall pay all expenses regarding the deposit, investment, and administration of the retained amount and all other charges made by the escrow agent.

(e) Any other provision agreed to by the contracting parties and the escrow agent necessary or proper for purposes of this section.