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