In this chapter, the following terms have the meanings indicated. Terms Defined. “Act” means Economic Development Article, Title 5, Subtitle 5, inclusive, Annotated Code of Maryland, as amended. "Authority" means the Maryland Small Business Development Financing Authority. “Bond” means a bid, payment, or performance bond of not more than $1 million for each bond guarantied under the Program. “Contract” means the federal, State, or local government or public utility contract requiring a surety bond for which a guaranty under the Program is being requested. Contract Term. “Contract term” means the term of the contract. “Contract term” includes the: Maintenance or warranty period required by the contract; and Period during which the surety may be liable for latent defects. “Department” means the Department of Commerce, a principal department of the State. “Fund” means the Small Business Surety Bond Guaranty Fund. “Guaranty” means a surety bond guaranty made under the Program. “Principal” means a small business entity that: Needs a surety bond to perform a contract; and Employs fewer than 500 full-time employees or has annual gross sales of less than $50 million. “Program” means the Small Business Surety Bond Guaranty Program, as authorized by the Act. “Secretary” means the Secretary of Commerce. “Surety” means a properly licensed surety bond company issuing a bond.