09 NCAC 06B .1031          FAITHFUL PERFORMANCE

(a)  A bond, or other means of ensuring faithful performance, may be required of the contractor at the contractor's expense.

(b)  Liquidated damages may be provided for in the contract, as a means of ensuring faithful performance from the contractor.

(c)  The agency may hold as a retainage a percentage of the contract value to be remitted upon final acceptance by the agency.

(d)  The agency may withhold final payment contingent on acceptance of the final deliverable.

History Note:        Authority G.S. 147-33.103(b);

Temporary Adoption Eff. January 1, 2000;

Eff. August 1, 2000;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. April 25, 2015.