Rule 665-2-11-.11. Faithful Performance

(1) A bond, or other means of ensuring faithful performance, may be required on the contractor at the contractor's expense. (2) Liquidated damages may be provided for in the contract, as a means of ensuring faithful performance from the contractor. (3) The agency may hold as a retainage a percentage of the contract value to be remitted upon final acceptance by the agency. (4) The agency may withhold final payment contingent on acceptance of the final deliverable. (5) Performance-based payments may be utilized. Cite as Ga. Comp. R. & Regs. R. 665-2-11-.11
Authority: O.C.G.A. Secs. 50-25-7.3, 50-25-4.
History. Original Rule entitled "Faithful Performance" adopted. F. Apr. 16, 2001; eff. May 6, 2001.