Section 1-203 - Application of article to certificates of guarantee. - Maryland Statutes

§ 1-203. Application of article to certificates of guarantee.
 

(a)  Definitions.-  

(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 Calvert County, Charles 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)  In general.- This article does not apply to a certificate of guarantee. 

(c)  Option to honor certificates of guarantee.- Calvert County, Charles 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. 
 

[An. Code 1957, art. 48A, § 9A; 1995, ch. 36; ch. 443, § 2; 1997, ch. 35, § 2; 2006, ch. 100.]