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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION I. DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT |
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TITLE 5. ECONOMIC DEVELOPMENT AND FINANCIAL ASSISTANCE PROGRAMS |
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SUBTITLE 5. MARYLAND SMALL BUSINESS DEVELOPMENT FINANCING AUTHORITY |
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PART VI. SMALL BUSINESS SURETY BOND PROGRAM |
§ 5-568. Surety -- Authority as guarantor[Amendment subject to abrogation]
Latest version.
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(a) Authorized. -- 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) 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.