01 NCAC 43A .0315          FAILURE TO PAY OR REMOVE PROPERTY

(a)  If the successful bidder fails to pay in full for the property by the time and date indicated on the notice of award, the award shall be rescinded, the property resold, and the defaulting bidder shall be charged with loss to the State, if any, together with all expenses of the sale.

(b)  If the successful bidder does not remove the property purchased by the time and date indicated on the notice of award, the State Surplus Property Agency shall retain the purchase price and resell the property a second time and retain all proceeds therefrom.

(c)  Successful bidders who fail to pay shall be ineligible for award of future bids.

 

History Note:        Authority G.S. 143-64.01; 143-64.04; 143-64.05;

Eff. June 1, 2007.