Maryland Statutes
Subtitle 1 - Security for Construction Contracts
Section 17-103 - Security on Construction Contracts

(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.
        (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.

Structure Maryland Statutes