Except as provided in subsection (b) of this section, a procurement officer may not require a contractor to provide a performance bond, payment bond, or other security on a procurement contract for construction, construction related services, services, or supplies if the price of the procurement contract is less than or equal to the small procurement amount specified in § 13–109 of this title. A procurement officer shall require a contractor to provide a performance bond, payment bond, or other security if federal law or a condition of federal assistance requires the security. If the price of a procurement contract for construction exceeds the small procurement amount specified in § 13–109 of this title for construction, a procurement officer shall require a contractor to provide security as required under Title 17, Subtitle 1 of this article. A procurement officer may require a contractor to provide a performance bond or other security on a procurement contract for supplies, services, or construction related services if: circumstances warrant security; and the price of the procurement contract exceeds the small procurement amount specified in § 13–109 of this title. The Board shall adopt regulations to establish separate surety bond forms for procurement officers to use to require security for: fixed–price contracts; and multiyear contracts. The form for multiyear contracts shall provide for annual and renewable contracts.