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ROBERT L. EHRLICH, JR., Governor Ch. 299
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(i) at least 5% of the bid or price proposal; or
(ii) if the bid or price proposal states a rate but not a total price, an
amount determined by the procurement officer.
(c) (1) A procurement officer may require a bidder or offeror to provide bid
security on a procurement contract for services, supplies, or construction related
services if the price of the procurement contract is expected to exceed $50,000.
(2) A procurement officer shall require a bidder or offeror to provide bid
security on a procurement contract for services, supplies, or construction related
services if federal law or a condition of federal assistance requires the security.
(3) The amount of bid security required for a procurement contract for
services, supplies, or construction related services shall be an amount determined by
the procurement officer. If a bid or proposal states a rate but not a total price, the
procurement officer shall determine the dollar amount of the bid security.
(d) Bid security under this section shall be:
(1) a bond provided by a surety company authorized to do business in the
State;
(2) A BOND PROVIDED BY AN INDIVIDUAL SURETY THAT MEETS THE
REQUIREMENTS OF SUBSECTION (E) OF THIS SECTION;
[(2)] (3) cash; or
[(3)] (4) another form of security:
(I) allowed by regulation AUTHORIZED BY FEDERAL OR STATE
REGULATION; OR
(II) THAT IS SATISFACTORY TO THE PUBLIC BODY UNIT AWARDING
THE CONTRACT.
(E) A BOND PROVIDED BY AN INDIVIDUAL SURETY SHALL BE ACCEPTABLE AS
BID SECURITY UNDER THIS SECTION IF:
(1) THE INDIVIDUAL SURETY PROVIDES A SECURITY INTEREST IN ONE
OR MORE OF THE ASSETS LISTED IN PARAGRAPH (2) OF THIS SUBSECTION TO THE
PROCUREMENT OFFICER AT THE TIME THE BOND IS FURNISHED; AND
(1) THE CONTRACTOR HAS BEEN DENIED CORPORATE SURETY CREDIT;
(2) THE INDIVIDUAL SURETY ONLY TRANSACTS BUSINESS THROUGH AN
INSURANCE AGENCY LICENSED BY THE MARYLAND INSURANCE ADMINISTRATION;
(3) THE INDIVIDUAL SURETY ATTACHES THE GSA STANDARD FORM 28,
AFFIDAVIT OF INDIVIDUAL SURETY. TO THE BID SECURITY:
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- 1677 -
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