01 NCAC 05B .1521          FAITHFUL PERFORMANCE

A Solicitation and Contract may include terms ensuring a Vendor's performance such as:

(1)           a bond, or similar assurance;

(2)           liquidated damages;

(3)           a percentage of the Contract value held as a retainage;

(4)           withholding final payment contingent on acceptance of the final deliverable; and

(5)           any other provision that assures performance of the Vendor.

History Note:        Authority G.S. 143-52; 143-53;

Eff. February 1, 1996;

Amended Eff. April 1, 1999;

Readopted Eff. October 1, 2019.