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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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STATE FINANCE AND PROCUREMENT |
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DIVISION II. GENERAL PROCUREMENT LAW |
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TITLE 13. SOURCE SELECTION -- STATE PROCUREMENT CONTRACTS |
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SUBTITLE 2. PROCEDURAL REQUIREMENTS |
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PART III. CONTRACT FORMATION |
§ 13-216. Security for payment; performance
Latest version.
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(a) Price of $100,000 or less. -- Except as provided in subsection (b) of this section, a procurement officer may not require a contractor to provide a performance bond, payment bond, or other security on a procurement contract for construction, construction related services, services, or supplies if the price of the procurement contract is $ 100,000 or less.
(b) Exception. -- A procurement officer shall require a contractor to provide a performance bond, payment bond, or other security if federal law or a condition of federal assistance requires the security.
(c) Construction contracts exceeding $100,000. -- If the price of a procurement contract for construction exceeds $ 100,000, a procurement officer shall require a contractor to provide security as required under Title 17, Subtitle 1 of this article.
(d) Other contracts exceeding $100,000. -- A procurement officer may require a contractor to provide a performance bond or other security on a procurement contract for supplies, services, or construction related services if:
(1) circumstances warrant security; and
(2) the price of the procurement contract exceeds $ 100,000.