§13–216.

    (a)    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 $100,000 or less.

    (b)    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.

    (c)    If the price of a procurement contract for construction exceeds $100,000, a procurement officer shall require a contractor to provide security as required under Title 17, Subtitle 1 of this article.

    (d)    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:

        (1)    circumstances warrant security; and

        (2)    the price of the procurement contract exceeds $100,000.

    (e)    (1)    The Board shall adopt regulations to establish separate surety bond forms for procurement officers to use to require security for:

            (i)    fixed–price contracts; and

            (ii)    multiyear contracts.

        (2)    The form for multiyear contracts shall provide for annual and renewable contracts.