01 NCAC 43A .0316          BOND

(a)  The selling agency or the State Surplus Property Agency may require performance bonds for the purchase of commodities.

(b)  The selling agency or the State Surplus Property Agency shall set the amount and terms of the bond.

(c)  Selling agencies shall document the need for performance bonds. 

(d)  Selling agencies shall request a bond release from the State Surplus Property Agency once the requirements of the bond have been met by the successful bidder. 

(e)  Selling agencies shall submit a justification to the State Surplus Property Agency for any retention in whole or in part of the performance bond.

(f)  The State Surplus Property Agency is the final authority on releasing the performance bond.

 

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

Eff. June 1, 2007.