Md. Code Regs. 05.06.02.09

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.06.02.09 - Assurance of Completion

Completion of construction of the project shall be assured by provision of either:

A. Performance and payment bonds, each in an amount equal to 100 percent of the construction contract amount;

B. Two irrevocable letters of credit equal to 25 percent, or cash or a pledge of depository accounts equal to 50 percent, of the construction contract amount; or

C. Other assurances of equivalent value.

Md. Code Regs. 05.06.02.09