Maryland § 5-568
Full text of Maryland Maryland Code § 5-568, with citation guidance and answers to common questions.
§ 5-568.
(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.
Frequently Asked Questions About Maryland § 5-568
What does Maryland Code § 5-568 cover?
Section 5-568 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 5-568?
A common citation format is "Maryland Code § 5-568" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 5-568 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.