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2006 LAWS OF MARYLAND
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Ch. 299
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(ii) acceptance of the bid or proposal would be in the best interests
of the State; and
(2) the procurement officer further determines that:
(i) the bid or proposal was the only one submitted and there is no
time for rebidding;
(ii) the bid security became inadequate as a result of the correction
of a mistake in the bid or proposal or as a result of a modification in the bid or
proposal in accordance with applicable regulations, and the bidder or offeror
increased the amount of bid security to required limits within 48 hours after the
correction or modification; or
(iii) after consideration of the risks involved and the difference
between the lowest bid and the next lowest bid, it would be fiscally advantageous to
the State to accept the lowest bid or proposal.
13-216.
(a) Except as provided in subsection (b) of this section, a procurement officer
may not require a contractor to provide a performance bond, payment bond, or other
security on a procurement contract for construction, construction related services,
services, or supplies if the price of the procurement contract is $100,000 or less.
(b) A procurement officer shall require a contractor to provide a performance
bond, payment bond, or other security if federal law or a condition of federal
assistance requires the security.
(c) If the price of a procurement contract for construction exceeds $100,000, a
procurement officer shall require a contractor to provide security as required under
Title 17, Subtitle 1 of this article.
(d) A procurement officer may require a contractor to provide a performance
bond or other security on a procurement contract for supplies, services, or
construction related services if:
(1) circumstances warrant security; and
(2) the price of the procurement contract exceeds $100,000.
17-104.
(a) Payment security or performance security required under this subtitle
shall be:
(1) a bond executed by a surety company authorized to do business in the
State;
(2) A BOND EXECUTED BY AN INDIVIDUAL SURETY THAT MEETS THE
REQUIREMENTS OF SUBSECTION (C) OF THIS SECTION,
[(2)] (3) cash in an amount equivalent to a bond; or
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