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Maryland Code, Insurance § 1-203

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) In this section the following words have the meanings indicated.

(2) “Certificate of guarantee” means an instrument that is issued:

(i) by a nonprofit association of contractors, or its wholly owned subsidiary that is approved to operate by Baltimore County, Baltimore City, Calvert County, Charles County, Howard County, Prince George's County, Montgomery County, St. Mary's County, or Washington County, as appropriate; and

(ii) on behalf of a contractor for the purpose of satisfying:

1. county bond requirements for public improvements; or

2. other county bond requirements.

(3) “Contractor” means a person that, for a fixed price, commission, fee, or percentage, undertakes to bid on or accepts or offers to accept orders or contracts to perform or supervise the construction, improvement, or maintenance of a building, structure, or road.

(b) This article does not apply to a certificate of guarantee.

(c) Baltimore County, Baltimore City, Calvert County, Charles County, Howard County, Montgomery County, Prince George's County, St. Mary's County, and Washington County:

(1) may honor certificates of guarantee; but

(2) are not required under this article to honor certificates of guarantee.

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Cite this article: FindLaw.com - Maryland Code, Insurance § 1-203 - last updated January 01, 2025 | https://codes.findlaw.com/md/insurance/md-code-insurance-sect-1-203/

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