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§ 17-103. Payment, performance security requirements

West's Annotated Code of MarylandState Finance and ProcurementEffective: October 1, 2017

West's Annotated Code of Maryland
State Finance and Procurement
Division II. General Procurement Law [Titles 11-End] (Refs & Annos)
Title 17. Special Provisions--State and Local Subdivisions (Refs & Annos)
Subtitle 1. Security for Construction Contracts (Refs & Annos)
Effective: October 1, 2017
MD Code, State Finance and Procurement, § 17-103
§ 17-103. Payment, performance security requirements
Currentness
Contracts exceeding $100,000
(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.
Contracts between $50,000 and $100,000
(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.

Credits

Added by Acts 1988, c. 48, § 2, eff. Oct. 1, 1988. Amended by Acts 1998, c. 636, § 1, eff. Oct. 1, 1998; Acts 2017, c. 588, § 1, eff. Oct. 1, 2017; Acts 2017, c. 589, § 1, eff. Oct. 1, 2017.
MD Code, State Finance and Procurement, § 17-103, MD STATE FIN & PROC § 17-103
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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