{"data":{"id":"us-md/md.-code-economic-development-5-568","jurisdiction":"us-md","citation":"Md. Code, Economic Development § 5–568","heading":"","body":"(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.\n(b) The term of a guaranty under this part may not exceed the contract term, including:\n(1) the maintenance or warranty period required by the contract; and\n(2) the period during which the surety may be liable for latent defects.\n(c) The Authority may vary the terms and conditions of a guaranty based on:\n(1) the Authority’s history of experience with a surety; and\n(2) any other factor the Authority considers relevant.","path":["Article - Economic Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gec\u0026section=5-568","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:28Z","sha256":"d2108962c575e6cff204581199ad30253427e942124f9bba9c3bdf7f747d1280","source_id":"us-md","stale":false,"prev":"us-md/md.-code-economic-development-5-567","next":"us-md/md.-code-economic-development-5-569"},"notice":"GroundRules: Original legal text. Not legal advice."}