01 NCAC 05B .1521. FAITHFUL PERFORMANCE

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

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

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

Eff. February 1, 1996;

Amended Eff. April 1, 1999.

                    
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