Sec. 10A-134. Performance and payment bonds

Prior to the award of any construction contract exceeding One Hundred Thousand Dollars ($100,000) in amount, a performance bond executed by a surety company authorized to do business in this State, or the equivalent in cash, or other security satisfactory to the County, and in such amount as shall be deemed adequate, for the protection of the County must be filed with the County. Certificates of Guarantee issued by the Development Guaranty Group of Prince George's County, Inc. or any other approved organization pursuant to Section 23-116 of this Code will not be deemed to be satisfactory security for the purpose of satisfying the Bond requirements for County contracts.

Prior to the award of any construction contract exceeding One Hundred Thousand Dollars ($100,000) in amount, a payment bond executed by a surety company authorized to do business in this State, or the equivalent in cash, or other security satisfactory to the County for the protection of all persons supplying labor and materials, including lessors of equipment to the extent of the fair rental value thereof, to the contractor or his subcontractor in the prosecution of the work provided for in the contract for the use of each such person must be filed with the County. The bond shall be in an amount not less than fifty percent (50%) of the total amount payable by the terms of the contract. Certificates of Guarantee issued by the Development Guaranty Group of Prince George's County, Inc. or any other approved organization pursuant to Section 23-116 of this Code will not be deemed to be satisfactory security for the purpose of satisfying the Bond requirements for County contracts.