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(a) The Director may require a contractor to provide performance and payment security in an amount determined by the Director. Performance security guarantees performance of the contract. Payment security guarantees payment for all labor and materials, including leased equipment, provided to the contractor for the performance of work under the contract.
(b) In a construction contract, the Director must require performance and payment security in an amount at least equal to that required by State law.
(c) Performance and payment security must be:
(1) a bond provided by a surety company authorized to do business in this State;
(2) cash; or
(3) other security satisfactory to the County. (1994 L.M.C., ch. 30, § 1.)