09 NCAC 06B .1207          PERFORMANCE assurance

A contract may include terms ensuring a vendor's performance such as:

(1)           A bond, or similar assurance, may be required of the vendor at the vendor's expense;

(2)           Liquidated damages;

(3)           A percentage of the contract value held as a retainage; and

(4)           Withholding final payment contingent on acceptance of the final deliverable.

History Note:        Authority G.S. 147-33.72C; 147-33.76(b1);

Temporary Adoption Eff. January 1, 2000;

Eff. August 1, 2000;

Recodified from 09 NCAC 06B .1031 Eff. March 19, 2008;

Amended Eff. September 1, 2013;

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