(a) In this subtitle the following words have the meanings indicated.
(b) “Payment security” means security to guarantee payment for labor and materials, including leased equipment, under a contract for construction.
(c) “Performance security” means security to guarantee the performance of a contract for construction.
(d) “Public body” means:
(1) the State;
(2) a county, municipal corporation, or other political subdivision;
(3) a public instrumentality; or
(4) any governmental unit authorized to award a contract.
(e) (1) “Supplier” means a person who supplies labor or materials.
(2) “Supplier” includes a lessor of equipment to the extent of the fair rental value of the equipment.
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