§ 5-569. Surety -- Authority as surety

MD Econ Dev Code § 5-569 (2019) (N/A)
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(a)    The Authority may execute and perform a bid bond, performance bond, and payment bond as a surety for the benefit of a principal in connection with a contract financed by the federal government or a state government, a local government, a private entity, or a utility regulated by the Public Service Commission.

(b)    (1)    This subsection does not apply if the sources of funding for the bonds are grants.

(2)    The bonds may not exceed $2,500,000 each.

(c)    Bonds are subject to the approval of the Authority based on the bond worthiness of the principal.