Section 5-568 - Surety - Authority as guarantor(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.(b) The term of a guaranty under this part may not exceed the contract term, including: (1) the maintenance or warranty period required by the contract; and(2) the period during which the surety may be liable for latent defects.(c) The Authority may vary the terms and conditions of a guaranty based on: (1) the Authority's history of experience with a surety; and(2) any other factor the Authority considers relevant.Amended by 2015 Md. Laws, Ch. 106,Sec. 1, eff. 7/1/2015.