Nevada Revised Statutes 338.490 – Limitations on requiring release or waiver of right to receive progress payment or retainage payment
Any release or waiver required to be provided by a contractor, subcontractor or supplier to receive a progress payment or retainage payment must be:
Terms Used In Nevada Revised Statutes 338.490
- Contractor: means :
(a) A person who is licensed pursuant to the provisions of chapter 624 of NRS. See Nevada Revised Statutes 338.010
- Subcontractor: means a person who:
(a) Is licensed pursuant to the provisions of chapter 624 of NRS or performs such work that the person is not required to be licensed pursuant to chapter 624 of NRS; and
(b) Contracts with a contractor, another subcontractor or a supplier to provide labor, materials or services for a construction project. See Nevada Revised Statutes 338.010
- Supplier: means a person who provides materials, equipment or supplies for a construction project. See Nevada Revised Statutes 338.010
1. Conditional for the purpose of receiving payment and shall be deemed to become unconditional upon the receipt of the money due to the contractor, subcontractor or supplier; and
2. Limited to claims related to the invoiced amount of the labor, materials, equipment or supplies that are the subject of the progress bill or retainage bill.