§ 5-568. Surety -- Authority as guarantor

MD Econ Dev Code § 5-568 (2019) (N/A)
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(a)    The Authority may guarantee a surety up to the lesser of 90% or $2,250,000 of its loss under a bid bond, payment bond, or performance bond on a contract financed by the federal government, a state government, a local government, a private entity, or a utility that the Public Service Commission regulates.

(b)    The term of a guaranty under this part may not exceed the contract term, including:

(1)    the maintenance or warranty period required by the contract; and

(2)    the period during which the surety may be liable for latent defects.

(c)    The Authority may vary the terms and conditions of a guaranty based on:

(1)    the Authority’s history of experience with a surety; and

(2)    any other factor the Authority considers relevant.