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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 17. SPECIAL PROVISIONS -- STATE AND LOCAL SUBDIVISIONS |
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SUBTITLE 1. SECURITY FOR CONSTRUCTION CONTRACTS |
§ 17-101. Definitions
Latest version.
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(a) In general. -- In this subtitle the following words have the meanings indicated.
(b) Payment security. -- "Payment security" means security to guarantee payment for labor and materials, including leased equipment, under a contract for construction.
(c) Performance security. -- "Performance security" means security to guarantee the performance of a contract for construction.
(d) Public body. -- "Public body" means:
(1) the State;
(2) a county, municipal corporation, or other political subdivision;
(3) a public instrumentality; or
(4) any governmental unit authorized to award a contract.
(e) Supplier. --
(1) "Supplier" means a person who supplies labor or materials.
(2) "Supplier" includes a lessor of equipment to the extent of the fair rental value of the equipment.