North Carolina General Statutes § 143B-472.101 Definitions

The following definitions apply in this Part:

(1)        Authority. - The North Carolina Small Business Contractor Authority created in this Part.

(2)        Internal Revenue Code. - The Code as defined in G.S. 105-228.90.

(3)        Contract term. - The term of a contract, including the maintenance or warranty period required by the contract and the period during which the surety may be liable for latent defects.

(4)        Government agency. - The federal government, the State, an agency, or a political subdivision of the federal government or the State, or a utility regulated by the North Carolina Utilities Commission.

(5)        Related party. - A party related to the applicant in a manner that would require an attribution of stock to or from the party under section 318 of the Internal Revenue Code.

(6)        Secretary. - The Secretary of Commerce. (2007-441, s. 1.)

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Last modified: March 23, 2014