Md. Code Ann., State Fin. & Proc. § 17-103
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2026
As of January 1, 2019
(a) (1) Before a public body awards a construction contract exceeding $100,000, the contractor shall provide payment security and performance security that meet the requirements of § 17–104 of this subtitle.
(a) (1) Before a public body awards a construction contract exceeding the small procurement amount specified in § 13–109 of this article for construction, the contractor shall provide payment security and performance security that meet the requirements of § 17–104 of this subtitle.
(2) The security shall be:
(i) for performance security, in an amount that the public body considers adequate for its protection; and
(ii) for payment security, at least 50% of the total amount payable under the contract.
(2) The security shall be:
(i) for performance security, in an amount that the public body considers adequate for its protection; and
(ii) for payment security, at least 50% of the total amount payable under the contract.
(b) A public body, other than the State or a unit of the State government, may require payment security or performance security for a construction contract if: (1) the contract exceeds $50,000 but does not exceed $100,000; and (2) the amount of the security does not exceed 50% of the contract amount.
(b) A public body, other than the State or a unit of the State government, may require payment security or performance security for a construction contract if: (1) the contract exceeds $100,000 but does not exceed the small procurement amount specified in § 13–109 of this article; and (2) the amount of the security does not exceed 50% of the contract amount.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.