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Statutes Text

Article - State Finance and Procurement


    (a)    (1)    Before a public body awards a construction contract exceeding $100,000, the contractor shall provide payment security and performance security that meet the requirements of § 17–104 of this subtitle.

        (2)    The security shall be:

            (i)    for performance security, in an amount that the public body considers adequate for its protection; and

            (ii)    for payment security, at least 50% of the total amount payable under the contract.

    (b)    A public body, other than the State or a unit of the State government, may require payment security or performance security for a construction contract if:

        (1)    the contract exceeds $50,000 but does not exceed $100,000; and

        (2)    the amount of the security does not exceed 50% of the contract amount.

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