Maryland Statutes
Part VI - Small Business Surety Bond Program
Section 5-568 - Surety -- Authority as Guarantor

(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.

Structure Maryland Statutes