US Laws, Codes, Statutes & Cases

      (a)      (1)      In this section the following words have the meanings indicated.

            (2)      "Certificate of guarantee" means an instrument that is issued:

                  (i)      by a nonprofit association of contractors, or its wholly owned subsidiary that is approved to operate by Calvert County, Charles County, Prince George's County, Montgomery County, or St. Mary's County, as appropriate; and

                  (ii)      on behalf of a contractor for the purpose of satisfying:

                        1.      county bond requirements for public improvements; or

                        2.      other county bond requirements.

            (3)      "Contractor" means a person that, for a fixed price, commission, fee, or percentage, undertakes to bid on or accepts or offers to accept orders or contracts to perform or supervise the construction, improvement, or maintenance of a building, structure, or road.

      (b)      This article does not apply to a certificate of guarantee.

      (c)      Calvert County, Charles County, Montgomery County, Prince George's County, and St. Mary's County:

            (1)      may honor certificates of guarantee; but

            (2)      are not required under this article to honor certificates of guarantee.