Completion of construction of the project shall be assured by provision of either:

1. A. Performance and payment bonds, each in an amount equal to 100 percent of the construction contract amount;
2. B. Two irrevocable letters of credit equal to 25 percent, or cash or a pledge of depository accounts equal to 50 percent, of the construction contract amount; or
3. C. Other assurances of equivalent value.

Authority: Housing and Community Development Article, §§3-203 and 3-206, Annotated Code of Maryland

Effective date: April 30, 1990 (17:8 Md. R. 976)

Regulation .03A amended effective February 1, 1993 (20:2 Md. R. 111)

Chapter revised effective October 20, 2008 (35:21 Md. R. 1823)