The Authority may guarantee a surety up to the lesser of 90% or $3,000,000 of its loss under a bid bond, payment bond, or performance bond on a contract. The term of a guaranty under this part may not exceed the contract term, including: the maintenance or warranty period required by the contract; and the period during which the surety may be liable for latent defects. The Authority may vary the terms and conditions of a guaranty based on: the Authority’s history of experience with a surety; and any other factor the Authority considers relevant.