1 N.C. Admin. Code 5B.1521

Current through Register Vol. 39, No. 6, September 16, 2024

Section 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.

01 N.C. Admin. Code 05B .1521

Authority G.S. 143-52; 143-53;
Eff. February 1, 1996;
Amended Eff. April 1, 1999;
Readopted Eff. October 1, 2019.

Authority G.S. 143-52; 143-53;
Eff. February 1, 1996;
Amended Eff. April 1, 1999.

Readopted by North Carolina Register Volume 34, Issue 09, November 1, 2019 effective 10/1/2019.