2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 5-568 - Surety -- Authority as guarantor [Amendment subject to abrogation]

§5-568. IN EFFECT

(a) The Authority may guarantee a surety up to the lesser of 90% or $5,000,000 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.

5-568. // EFFECTIVE SEPTEMBER 30, 2014 PER CHAPTER 266 OF 2008 //

(a) The Authority may guarantee a surety up to the lesser of 90% or $1,350,000 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.

§ 5-568 - Surety -- Authority as guarantor (Abrogation of amendment effective September 30, 2014.)

(a) Authorized. -- The Authority may guarantee a surety up to the lesser of 90% or $ 1,350,000 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) Limitation. -- 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) Terms and conditions. -- 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.