SF4201 modifies small business contracting requirements and mandates annual legislative reporting on compliance.
SF4201 amends small business contracting requirements by allowing the Metropolitan Council and specified agencies to award preferences for goods or services to small targeted group businesses and veteran-owned small businesses. It mandates that at least 75% of subcontracts awarded to these businesses must be performed by the business or another small targeted group or veteran-owned small business. The bill also requires prompt payment to subcontractors and interest penalties for late payments.
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