rded. Contracts under $50,000.00 for work projects are not required to provide Performance or Payment bonds. The bonds must be executed by a surety company authorized to do business in North Carolina and be dated on or after the date of contract execution. For contracts using federal funds, the Surety Company must also be approved by the US Department of the Treasury and must either hold a certificate of Authority from such Department or be listed in the current Department Circular 570.
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