Before a public body awards a construction contract exceeding the small procurement amount specified in § 13–109 of this article for construction, the contractor shall provide payment security and performance security that meet the requirements of § 17–104 of this subtitle. The security shall be: for performance security, in an amount that the public body considers adequate for its protection; and for payment security, at least 50% of the total amount payable under the contract. A public body, other than the State or a unit of the State government, may require payment security or performance security for a construction contract if: the contract exceeds $100,000 but does not exceed the small procurement amount specified in § 13–109 of this article; and the amount of the security does not exceed 50% of the contract amount.