01 NCAC 05B .1521          FAITHFUL PERFORMANCE

(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.