Md. Code, Economic Development § 5-568
This is the official text of Md. Code, Economic Development § 5-568, part of Maryland’s Code, Economic Development — governs the state's economic development programs.
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§5–568.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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