(1) This part may not be considered as requiring any person, firm, partnership, or corporation to file a bond or bonds if the person or entity pays for all labor in full each day or if the labor has been performed upon a written building or construction contract to furnish material or other consideration as well as labor.
(2) This part does not prohibit the making or entering into of any wage or working agreement, such as grubstake agreements or similar agreements, if the employer or contractor keeps in force proper workers' compensation insurance.