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.Ga. Comp. R. & Regs. R. 665-2-11-.11
O.C.G.A. Secs. 50-25-7.3, 50-25-4.
Original Rule entitled "Faithful Performance" adopted. F. Apr. 16, 2001; eff. May 6, 2001.