When Do You Need a Performance Bond for the State of Maryland?
In Maryland, you need a performance bond if your project meets any of the following criteria:
Gross Weight: If your project’s gross weight exceeds 150,000 lbs.
Dimensions: If your project is more than 16 feet wide, 16 feet high, or 120 feet long.
Why Do You Need a Performance Bond?
Performance bonds are required to ensure that contractors fulfill their obligations under a construction contract. They provide financial protection to the state, ensuring that the project will be completed according to the terms and conditions agreed upon. If a contractor fails to meet their obligations, the bond can be used to cover the costs of completing the project or compensating for any damages