(a) The Authority may guarantee a surety up to the lesser of 90% or $2,250,000 of its loss under a bid bond, payment bond, or performance bond on a contract financed by the federal government, a state government, a local government, a private entity, or a utility that the Public Service Commission regulates. (b) The term of a guaranty under this part may not exceed the contract term, including: (1) the maintenance or warranty period required by the contract; and (2) the period during which the surety may be liable for latent defects. (c) The Authority may vary the terms and conditions of a guaranty based on: (1) the Authority’s history of experience with a surety; and (2) any other factor the Authority considers relevant.