Michigan Laws 450.776 – Minority owned or woman owned business as prime contractor
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Terms Used In Michigan Laws 450.776
- Contract: A legal written agreement that becomes binding when signed.
- Minority: means a person who is black, hispanic, oriental, eskimo, or an American Indian who is not less than 1/4 quantum Indian blood as certified by the person's tribal association and verified by the Indian affairs commission. See Michigan Laws 450.771
- Woman owned business: means a business of which more than 50% of the voting shares or interest in the business is owned, controlled, and operated by women and with respect to which more than 50% of the net profit or loss attributable to the business accrues to the women shareholders. See Michigan Laws 450.771
If a minority owned or woman owned business receives a contract, the minority owned or woman owned business shall be the prime contractor through its duration.