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.