Minnesota § 574.38 LETTERS OF CREDIT

Minnesota Statutes

§ 574.38 — LETTERS OF CREDIT

Minnesota § 574.38

PartPOSTJUDGMENT REMEDIES; ALTERNATIVE DISPUTE RESOLUTION; BONDS

Ch. 574BONDS, FINES, FORFEITURES

This text of Minnesota § 574.38 (LETTERS OF CREDIT) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 574.38 (2026).

Text

Whenever this chapter or other law or home rule charter requires a performance bond from a contractor doing a public work project of under $50,000 for a home rule charter or statutory city, county, town, school district or other local government authority, the contractor may be permitted to provide, in lieu of the bond, an irrevocable bank letter of credit in the same amount required for the bond and subject to the same conditions as the bond.

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Whenever this chapter or other law or home rule charter requires a performance bond from a contractor doing a public work project of under $50,000 for a home rule charter or statutory city, county, town, school district or other local government authority, the contractor may be permitted to provide, in lieu of the bond, an irrevocable bank letter of credit in the same amount required for the bond and subject to the same conditions as the bond.