Michigan Laws 124.26 – Contract; provisions
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Terms Used In Michigan Laws 124.26
- Contract: A legal written agreement that becomes binding when signed.
- Economic development project: means land and existing or planned improvements suitable for use by an industrial or commercial enterprise, or housing development, or the protection of the environment, including, but not limited to, groundwater or surface water. See Michigan Laws 124.21
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Local unit: means a city, township, or village. See Michigan Laws 124.21
If applicable to the transfer, a contract under this act may provide for any of the following:
(a) Any method by which the contract may be rescinded or terminated by any participating local unit before the stated date of termination.
(b) The manner of employing, engaging, compensating, transferring, or discharging personnel required for the economic development project to be carried out under the contract.
(c) The fixing and collecting of charges, rates, rents, or fees, where appropriate, and the adoption of ordinances and their enforcement by or with the assistance of the participating local units.
(d) The manner in which purchases shall be made and contracts entered into.
(e) The acceptance of gifts, grants, assistance funds, or bequests.
(f) The manner of responding for any liabilities that might be incurred through performance of the contract and insuring against any such liability.
(g) Any other necessary and proper matters agreed upon by the participating local units.