Minnesota § 574.262 - SMALL BUSINESS
Full text of Minnesota Minnesota Statutes § 574.262 — SMALL BUSINESS, with citation guidance and answers to common questions.
§ 574.262. SMALL BUSINESS
Subdivision 1.Bonds.
To carry out the programs, established elsewhere by law, for awarding certain portions of state construction and procurement contracts and subcontracts to small businesses and small businesses owned by economically and socially disadvantaged persons, the commissioners of administration and transportation may, when deemed appropriate, arrange, through competitive bidding or negotiation, to partially indemnify bonding companies which provide bid, performance, and payment bonds covering all or any part of the construction and procurement contracts or subcontracts which are designated for award to small businesses and small businesses owned by economically and socially disadvantaged persons. The amount of the indemnity for all the bonds on each contract shall not exceed $100,000. Bonds which are subject to indemnity shall be provided to contractors at a cost which shall not exceed the cost of bid, performance, and payment bonds if purchased in the usual manner by other businesses for similar contract work or procurement.
Subd. 2.Participation limit.
No small business or small business owned and operated by economically and socially disadvantaged persons shall be eligible for bonding pursuant to this section for a period of more than five years from the date that the small business or small business owned and operated by economically and socially disadvantaged persons received its first bond pursuant to this section.
Subd. 3.
MS 1988 [Repealed, 1989 c 155 s 5]
Subd. 4.Encumbrance not applicable.
Agreements of indemnity entered into pursuant to subdivision 1 shall not be subject to encumbrance requirements imposed by other provisions of law.
History:
1977 c 394 s 1; 1982 c 424 s 130; 1994 c 419 s 3
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 574.262
What does Minnesota Statutes § 574.262 cover?
Section 574.262 ("SMALL BUSINESS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 574.262?
A common citation format is "Minnesota Statutes § 574.262" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 574.262 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.