09 NCAC 06B .1031. FAITHFUL PERFORMANCE

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(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.

                    
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